Bitcoin Status: The market is caught in a critical standoff, where is it headed?

Bitcoin ($BTC) recently successfully reclaimed the $70k level and has maintained it for three days.
This strong performance has attracted widespread market attention.
We even saw two green weekly candles, marking the first such strong signal this year.
But it’s worth noting that despite the price staying at this level, the market has not experienced the explosive rally expected, but instead shows clear hesitation, with deep reasons behind it.
On-chain data seems bullish, but…
On the surface, on-chain data appears to support a bullish view:
Exchange deposit addresses have hit a 10-year low, indicating fewer Bitcoins are flowing into exchanges, which suggests selling pressure is weakening.
Additionally, the **Effective Supply Rate (ESR)** is approaching a historical low, usually implying that selling pressure is about to be exhausted.
However, the problem lies in the behavior of institutional funds.
While retail investors are inactive, institutional investors are doing the opposite—spot ETF outflows have totaled about $283 million in just two days.
This indicates that despite the market rising, large capital is choosing to sell at high levels, undoubtedly suppressing market momentum.