<ul data-eligibleForWebStory="true"><li>Bitcoin maintains stability above $104,400 for six weeks, hinting at potential bullish trend.</li><li>Binance derivatives exhibit rare discount despite all-time highs, signaling changing market dynamics.</li><li>Derivatives discount narrowing could trigger short squeeze, leading to increased volatility.</li><li>Bitcoin whale and retail inflows hit cycle lows, suggesting limited active selling and potential upward price movement.</li><li>Bitcoin remains dominant despite U.S. Treasury yield fluctuations, indicating its store of value characteristics.</li><li>Bitcoin trades in ascending broadening wedge pattern targeting $170,000; historical data points to potential major move.</li><li>Long-term accumulation trends and low on-chain activity show seasoned investors accumulating for future growth.</li><li>Divergence in derivatives spreads compared to previous years suggests current situation reflects institutional demand and ETF influence.</li><li>The combined technical strength, macro shifts, and on-chain data reduce downside risk and increase likelihood of a bullish breakout.</li></ul>

Bitcoin Eyes Breakout to $170K: Derivatives Discount Narrows and ETF Buzz Intensifies

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