While Bitcoin’s 30-day apparent demand metric shows signs of improvement, overall investor sentiment remains cautious. Institutional investors are pulling back from Bitcoin ETFs, signaling potential weakness. Recent data reveals a decline in holdings within these funds, further indicating a pullback from institutions. Additionally, Miner activity, as indicated by the Miners’ Position Index (MPI), has shifted towards a bearish stance, with a surge of nearly 40% in just 24 hours. This suggests that miners may be preparing to sell their Bitcoin reserves, potentially hindering the recovery. While Bitcoin’s technical indicators have shown a breakthrough, breaking out of a descending trendline, this break alone does not guarantee a sustained bullish reversal. Achieving a complete market turnaround requires more than just a price break; it demands a decisive push above the $87,889 resistance point, potentially opening the way to the $98,825 mark. However, until then, Bitcoin’s recovery remains tentative and subject to volatility-driven shifts in market trends.