New Huo Tech sees early bull-market traits in Bitcoin, says spot demand will decide the next leg

New Huo Tech said Bitcoin’s recent price action is showing several characteristics associated with the early stage of a bull market, after the broader crypto market broke out of its previous consolidation range and BTC held around the $77,000 area. The firm said the move has included a sharp rebound from lower levels, a fast rally, and consolidation near prior highs without a clear breakdown so far. At the same time, the institute argued that traders should distinguish between a short-covering rally and a fully established trend. It said part of Bitcoin’s recent upside came from forced short liquidations and position covering, which helps explain the speed of the move and means it may not yet signal a full return of long-term spot buying. New Huo Tech said the next confirmation points include whether spot Bitcoin ETFs can maintain net inflows at elevated levels, whether institutional allocation continues, and whether the Coinbase premium turns positive again. The report also pointed to roughly $1.92 billion of recent inflows into spot Bitcoin ETFs, an RSI (14) near 78, resistance between $78,500 and $82,000, and support near $73,500 to $72,400. It said macro conditions, U.S. regulatory developments, and a series of events over the next 30 days — including a procedural vote on the Clarity Act around Sept. 15, the SEC’s 60-day comment period, Jackson Hole, the September FOMC meeting, July PCE data, and August nonfarm payrolls — will remain central for the market.