Bitcoin no longer moves like a market under control. It moves as if the pressure is starting to slip out of bearish hands.
On March 17, the main signals immediately aligned. The Inter-Exchange Flow Pulse rose, spot selling pressure around $75,000 weakened and funding remained deeply negative.
That’s why this didn’t seem like a random jump. It looked like a market preparing to punish stubborn bears.
Bitcoin’s structural signal turns bullish again
The Inter-Exchange Flow Pulse rose above the 90-day moving average again. Historically, that signal appeared when stock market liquidity began to purposefully rotate again.
That wasn’t shop noise. These flows typically reflected the activities of market makers, arbitrage agencies, and larger hands repositioning capital. Similar changes occurred mainly before the stronger expansion phases in 2016, 2019 and 2023.
After a long period of suppressed flows in 2025, this change took a different turn. It suggested that professional capital had started moving again, rather than remaining frozen.
Meanwhile, this kind of rotation often came about before broader trading activity expanded. The market rarely sent that message politely.
The $75K sell wall disappears as BTC goes higher
Bitcoin [BTC] then pushed to $75,000, and the spot market no longer offered any real resistance. Sell orders around that zone thinned out, causing the top wall to start losing its teeth.
That mattered more than most traders wanted to admit. As demand-side liquidity decreased, buyers no longer had to fight through the stacked supply.
Therefore, upward movement became easier, cleaner and more dangerous for everyone who still expected rejection.
This was the ugly part for bears. They had been leaning on visible resistance, and that resistance began to disappear in real time. Failure to do so would leave the price below the range again. However, that didn’t happen, and that said enough.
Are negative financing rates the cause of the next squeeze?
Funding remained deeply negative even as Bitcoin rose, showing that shorts were overcrowded and increasingly trapped. Crowded positioning often caused violent reversals once the price refused to move lower.
However, the price gains also required spot demand, and with selling pressure already easing around $75,000, this looked stronger than a cheap rebound.
Final thoughts
- Bitcoin’s structure improved before sentiment caught up, and that was usually where the real moves started.
- If spot market demand held, deeply negative financing could have fueled the next brutal surge.