Bitcoin’s rebound looks like a bear market rally. Price broke below the 365-day MA in Nov, bounced, and is now back testing that same level (~$101K) — a zone that caps price in bearish regimes. Same setup as 2022 before rejection. Demand hasn’t improved: Spot demand still contracting (-67K BTC, 30D) ETF selling paused, but no real accumulation Early-2026 ETF inflows flat YoY (~3.8K BTC) Exchange inflows rising → sell pressure (7D avg ~39K BTC, highest since Nov) All eyes on the 365-day MA. Rejection there = likely another bear market rally, not trend reversal. #btcusdt #bitcoin #crypto
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