Bitcoin just reached $97,000, raising questions about whether this is a fake breakout or the beginning of a new bullish trend aiming for an all-time high (ATH). The cryptocurrency marks its 16th birthday with its price still stuck in a narrow range, suggesting the recent rise might be temporary.
However, the increased accumulation by spot ETFs, now holding over 5.7% of the total Bitcoin supply, adds an optimistic note to the current market. This could indicate growing confidence and interest in Bitcoin, hinting at the possibility of a more sustained bullish action in the near future.