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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