Bitcoin's rally earlier this 12 months encountered strong resistance near $93,000 and triggered a pullback that shifted the market's focus back to key support levels. While the upper time-frame (HTF) structure still appears fragile, the lower time-frame (LTF) signal suggests that bulls should still have room to regain control if critical levels are held.
Key Takeaways:
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Bitcoin was rejected for the third time at $93,000 and fell back to weekly lows near $89,250.
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Increasing open interest throughout the decline suggests that bears are establishing positions near $90,000.
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Strong passive bids around $90,000 could act as a springboard or fail, opening the door to the $86,000-$87,000 range.
Bitcoin bulls have to hold $90,000
After rising 8% to $93,000, Bitcoin (BTC) printed a swing failure pattern (SFP) for the third time at the identical resistance level. The rejection pushed BTC to weekly lows near $89,250, reviving the chance of consolidation or a continuation of the downtrend according to the broader HTF trend.
Bitcoin six-hour chart. Source: Cointelegraph/TradingView
Nevertheless, the LTF structure leaves room for a bullish response. Bitcoin is currently testing a key order block between $89,200 and $90,500, the primary area of interest where bulls could attempt fresh long entries if momentum turns positive.
In addition to this support, BTC continues to carry above the monthly moving VWAP (volume weighted average price), which turned bullish again in early 2026.
In the short term, Bitcoin could trend sideways until the tip of the week. A decisive bullish rebound above $91,666 would represent the primary confirmation of an uptrend continuation, forming a better low of the LTF trend and potentially trapping late bear positions between $90,000 and $92,000.
Bitcoin Open Interest and Price. Source: Coinalyze
Open interest data strengthens this setup. As BTC fell from $92,000 to $90,000, open interest rose sharply, an indication that short positions are being built. If BTC can defend the $90,000 level, a brief squeeze might be likely. A powerful each day close above $91,700 can be the primary signal and would pave the best way for an additional test of $93,000.
However, failure to remain above $89,000 would see internal liquidity quickly explode from $86,000 to $87,000, providing sellers with a transparent downside goal.
BTC buyers are flooding the order book with passive bids
Data from CoinGlass shows that the aggregated order book liquidity delta has strong passive bids at around $90,000. The past two weeks have seen similar absorption of supply preceding short-term rallies, a pattern that would repeat if buyers proceed to defend this zone.
Bitcoin order book liquidity delta chart. Source: CoinGlass
However, futures trader Byzantine General warned that increasing open interest works each ways. The analyst said:
“The liquidation data suggests there may be a good amount of vulnerable long position there. I could see a little bit of a bounce here at 90,000, but ultimately it is sensible to me that this can clear the local lows around 86,000.”
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