Part of the optimism is coming from a noticeable shift in flows. March saw about $1.32 billion move into spot ETFs, snapping a 4-month stretch of outflows, and daily inflows have recently crossed $117 million. Big buyers are still active too, with Strategy continuing to add to its holdings. That's why some are watching the $72,600 level closely, a clean move above that could quickly push Bitcoin toward $80,000.

But there's another side to the story that's harder to ignore. Miners have been selling heavily, more than 15,000 BTC, to fund moves into AI, adding supply just as the market tries to stabilize. At the same time, ownership is getting more concentrated, with Strategy holding around 3.8% of supply. If demand cools even slightly, some think Bitcoin could slip back toward $50,000, especially if it breaks below $65,900.
source: https://www.tradingview.com/news/gurufocus:75f03c2d1094b:0-bitcoin-s-comeback-leaves-a-bigger-question/