Bitcoin has put on a good show in the Asian session, with a gain of over 1%. This marks the fifth consecutive day of gains— the longest streak since early October. The price once surged past the $93,000 mark, looking quite aggressive.

What is the current market sentiment? Analysts have identified several positive signals. First, the selling pressure from December tax-loss harvesting has eased significantly, giving the market some relief. Additionally, after the US took some actions in Venezuela, the demand for safe-haven assets has become more active again.

Markus Thielen from 10x Research also pointed out a good detail: ETF capital inflows have been steadily coming in, and Bitcoin is now firmly above the 21-day moving average. These indicators together give a constructive feeling. In the short term, this rebound seems to have some credibility.