Bitcoin (CRYPTO: BTC) is trading near $94,000 with technical signals pointing to a potential move toward $98,000–$99,000, according to a new report from 10x Research.

However, analysts caution that a lack of strong stablecoin inflows may limit the rally's sustainability, raising questions about market follow-through.

What Happened: The report noted that while Bitcoin has gained more than 10% since April 12, a key component of long-term price expansion, stablecoin issuance remains subdued.

Stablecoin inflows often serve as a leading indicator of new capital entering the crypto ecosystem.

"Our stablecoin minting indicator has yet to return to high-activity levels," the 10x team wrote. "While a measured move suggests potential upside to $98,000–$99,000, the absence of strong inflows raises questions."

Bitcoin ETFs recorded their strongest day of inflows since mid-January, signaling renewed institutional demand.

Still, the report argues that ETF participation alone may not be enough to drive a sustained breakout unless accompanied by broader liquidity trends.

Also Read: Bitcoin Reclaims $90,000: Is ‘Digital Gold’ Heading To $100,000 Next?

The analysis also notes that futures open interest has climbed from $22 billion to $29 billion, supporting the rally, while their Money Inflows Indicator has reached $146.3 billion in cumulative inflows since January.

These are signs of strengthening momentum, but not necessarily of structural support.

Adding to the mixed signals is the contrast between rising futures leverage and a recent contraction in ETF flows observed earlier this year.

This divergence, coupled with modest liquidation activity near the $95,000 resistance zone, underscores the fragility of current market conditions.

What’s Next: Geopolitical factors are also contributing to the short-term bullish sentiment.

Recent developments, including softer trade rhetoric from Trump and easing pressure on the Federal Reserve, have created a more favorable environment for risk assets, crypto included.

Still, analysts at 10x Research remain cautious.

"If stablecoin minting resumes and investor confidence continues to recover, Bitcoin could plausibly break above the $100,000 mark," the report states.

But for now, the rally is riding more on momentum than fundamental liquidity support.

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