[Analysis: Bitcoin May Test $90,000 After Short Squeeze, But Leverage Risks Are Rising] BlockBeats News, September 22: Bitcoin surged past the critical resistance level of $82,000, reaching a peak of $87,300. Approximately $750 million worth of bearish crypto derivative positions were liquidated, with the resulting short covering further driving prices upward. Since the breakout, the open interest in Bitcoin derivatives has increased by about $2 billion, indicating a rapid return of leverage to the market. Nansen analyst Nicolai Sondergaard noted that currently, 'the speed of the price shift toward bullishness is outpacing the changes in positioning.' Previously, U.S. spot BTC ETFs faced outflows totaling $746 million on Tuesday and Wednesday due to obstacles from the CLARITY Act and Federal Reserve rate hikes. However, inflows of $160 million and $433 million were recorded on Thursday and Friday, respectively. The average cost basis for U.S. BTC ETF holders is approximately $82,200. With BTC surpassing this level, ETF investors as a whole have re-entered a profitable zone. Looking ahead, Sondergaard believes $87,000 is the next key level, followed by $90,000 and approximately $92,000. Wintermute trader Jasper De Maere also suggested that BTC could test $90,000. However, he pointed out that while breaking above the 50-week moving average is a positive signal, significant short-term volatility remains possible. The market is currently focused on whether spot and ETF inflows can sustain the momentum. Sondergaard warned that if spot demand fails to match the growth in derivative leverage, the rally could evolve into a leverage-driven surge, which might reverse quickly in the face of rising U.S. Treasury yields or geopolitical shocks. Wintermute recommends closely monitoring ETF fund flows, perpetual contract open interest, funding rates, and this Friday's options expiration. [Original Link]