Bitcoin reached a record high of $87,650 on April 21st, fueled by bullish technical patterns but facing pressure from potential liquidity issues. The surge followed concerns raised by key market players like miners and whales about the sustainability of this price rally. Experts highlight that the recent influx of institutional buyers, while some remain optimistic, has not been robust enough to support sustained growth. While institutions like MicroStrategy maintain Bitcoin holdings, overall ETF inflows remain negative. This suggests a potential weakening in immediate support for further price increases. CryptoQuant CEO Ki Young Ju emphasizes the importance of renewed demand and liquidity: ‘One of the biggest red flags is the drying up of fresh liquidity – crucial for sustaining Bitcoin’s price growth.’ Historical data suggests that periods of significant selling by major holders following past price peaks, have often resulted in subsequent market downturns. This reinforces the need for a sustained improvement in market activity before this rally can be considered truly sustainable.