Bitcoin bull market remains unconfirmed, Nansen says

Bitcoin has gained roughly 22% over the past month, but Nansen analyst Nicolai Søndergaard has warned that weak spot flows, divided whale positions, and ETF withdrawals have yet to confirm a new bull market. Summary Bitcoin remains below its seven-day average despite maintaining positive daily and weekly trends. Nansen tracked about 3,700 BTC in net exchange inflows from labelled entities over the past week. Large Hyperliquid whales remain heavily short as open interest falls and taker selling continues. Bitcoin must hold $77,400–$77,650 before another test of the $80,000 resistance level. Bitcoin’s 22% recovery lacks spot confirmation Nansen senior research analyst Nicolai Søndergaard told crypto.news that Bitcoin’s market structure has improved after its 22% monthly recovery, though several flow indicators have stopped him from declaring the start of a confirmed bull phase. Positive daily and weekly trends suggest Bitcoin has moved past the weakest part of its previous decline, according to the analyst. More recent data have produced a less convincing picture, with BTC trading below its seven-day average while short-term momentum remains weak. “The recovery is real, but spot flow...