Bitcoin Nears $91K And Bulls Are Not Done Yet
Bitcoin pulled back from $93,000 resistance, but bulls may regain control if key support levels around $90,000 hold.Summary
Bitcoin's rally stalled after being rejected near $93,000 for the third time, causing a dip toward weekly lows near $89,250. Despite this, the lower time-frame structure suggests bulls have a chance to recover, currently testing support between $89,200 and $90,500 and holding above the monthly VWAP.
Rising open interest during the dip indicates that short positions are building near $90,000, suggesting a potential short squeeze if Bitcoin defends this level. A decisive move above $91,666 would confirm bullish continuation, targeting a retest of $93,000. However, failure to hold above $89,000 could expose liquidity down to the $86,000 to $87,000 range.
Order book data shows strong passive bids around $90,000, which have previously preceded recoveries. Nevertheless, some analysts caution that vulnerable long positions exist, suggesting a potential drop to local lows around $86,000 might occur before any sustained bounce.
(Source：Cointelegraph)