Pantera: Bitcoin breaks through the 200-day EMA, funds turn bullish

Comparing news, Pantera Capital published an article stating that Bitcoin has been in a narrow fluctuation range for the past six months, and the market is often intense and large after consolidation is over. Currently, market positions are being reversed, and investors are shifting from wait-and-see or even net shorts to a growing desire to go long. Bitcoin broke through the 200-day EMA at $69,000 and has attracted momentum and trend tracking funds to enter the market.

From a long-term perspective, digital asset prices are still about 50% higher than before, but fundamentals continue to strengthen, including stablecoin adoption, predictive markets, perpetual contracts, and agency commerce. When fundamentals improve and prices are still discounted, the logic for continuing to maintain constructive positions is more clear.