Bitcoin has approached $91k and the bulls are not done yet.

Bitcoin's early-year rally ran into strong resistance around $93,000, prompting a pullback that shifted market focus to key support levels. While the higher-time-frame (HTF) structure still looks weak, the lower-time-frame (LTF) signals that bulls may still have room to regain control if critical levels hold.

Main Receptors:

Bitcoin declined for the third time at $93,000, returning to weekly lows near $89,250.

The increase in open interest during the dip suggests that the shorts are building positions near $90,000.

Strong passive bids around $90,000 could serve as a springboard or fall and open the door to the $86,000 to $87,000 range.

Bitcoin bulls should hold $90,000

After an 8% rise to $93,000, Bitcoin (BTC) has reprinted a swing failure pattern (SFP) at the same resistance level for the third time. The decline sent BTC down to a weekly low of $89,250, reviving the possibility of a consolidation or bearish trend in line with the broader HTF trend.

Still, the LTF framework leaves room for dynamic response. Bitcoin is currently testing a key order block between $89,200 and $90,500, the first area of ​​interest if the pace of bulls testing quick long entries is positive.

Adding to this support, BTC will continue to hold above the monthly rolling VWAP (Volume-Weighted Average Price) into early 2026.

In the near term, Bitcoin may be cut sideways to the weekly close. A critical bullish recovery above $91,666 marks the first confirmation of a bullish continuation, with higher lows and late shorts in the LTF trend at $90,000 to $92,000.

Open demand data reinforces this setup. When BTC dropped from $92,000 to $90,000, open interest increased significantly, a sign that short positions are building. If BTC can defend $90,000, a short squeeze is likely. A strong daily close above $91,700 would be the first signal, paving the way for another test of $93,000.

However, a failure to hold above $89,000 will quickly expose the $86,000 to $87,000 internal liquidity, making it a clear lower target for sellers.

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The order book of BTC buyers is flooded with actual bids

Data from CoinGlass shows consolidated order book liquid delta reflecting strong passive bids around $90,000. Over the past two weeks, similar bid absorption preceded a short-term recovery, a pattern that could repeat if buyers continue to defend this zone.

That being said, futures trader Byzantine General warned that increasing open interest would cut both ways. The analyst:

“Liquids indicate that there's a good amount of vulnerable longs in there. I could see a bit of a dip here at 90k, but it makes sense to me that it will eventually push those local lows to 86k.”

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