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Bitcoin Faces Resistance at $90,000, Key Pressure Point at $93,000
Summary: According to reports, Bitcoin's rebound around $90,000 was blocked before the Federal Reserve interest rate meeting, causing the price to fall back to the range of $86,000 to $90,000. Market analysis suggests that the true turning point for bulls lies in reclaiming and converting $93,000 into support. Technically, Bitcoin's main resistance levels are currently around ...
According to reports, Bitcoin's rebound around $90,000 was blocked before the Federal Reserve interest rate meeting, causing the price to fall back to the range of $86,000 to $90,000. Market analysis suggests that the true turning point for bulls lies in reclaiming and converting $93,000 into support.
Technically, Bitcoin's main resistance levels are currently around the 50-day moving average (approximately $90,000) and the 100-day moving average (approximately $94,000). Analysts point out that once $93,000 is effectively broken and held, upward potential may open up, with targets potentially reaching $98,000, signaling the end of the correction phase.
On the funding side, outflows from Bitcoin spot ETFs are noticeably cooling down. Glassnode data shows that the 30-day average ETF net flow is gradually returning to neutral, indicating a relief in institutional selling pressure. However, the market still relies more on support from existing spot holders rather than new institutional funds.
Capriole data indicates a significant decrease in corporate Bitcoin buying, with only Strategy (formerly MicroStrategy) continuing to accumulate. Last week, Strategy added approximately $264 million to its holdings, acquiring 2,932 BTC.
In summary, the key to Bitcoin breaking through the $90,000 resistance in the short term still depends on a resurgence in institutional demand and a shift in ETF funds back to net inflows. Until then, the market may continue to experience range-bound volatility.
