Bitcoin Trades Above $90k: ’s What Bulls Must Do To Extend The Rally

Bitcoin bulls need to pump more volume into the spot and futures market in order for the current BTC bounce to hold above $90,000.

Bitcoin (BTC) reclaimed $90,000 this week, but onchain data indicated that the move sat on shaky grounds. Despite a strong cost-basis cluster, demand, liquidity, and futures activity remained thin.

The $84,000 cost-basis cluster held 400,000 BTC, but spot demand above it remains shallow.

BTC liquidity signals resembled the weakness seen in early 2022, with losses dominating recent flows.

Recent futures activity was mostly shorts-covering, and not long-positional build-up.

Bitcoin’s recent move took place at the back of a dense cost-basis cluster around $84,000. More than 400,000 BTC were acquired in this range, forming a clear onchain “floor.”

But the issue is that despite this heavy base, spot participation above is visibly limited. Order books remained thin, and prices are moving through areas with minimal buyer engagement. For Bitcoin to hold above $90,000, this dynamic must shift from passive historical accumulation to active ongoing demand.

A healthier bullish structure requires more spot absorption between $84,000 and $90,000, which the market has yet to achieve after the recent dip.

Glassnode noted that Bitcoin continued to trade below the short-term holder (STH) cost basis ($104,600), placing the market in a low-liquidity zone similar to the Q1 2022 post-ATH fade.

The $81,000–$89,000 compression, coupled with realized losses now averaging $403 million/day, implied that investors were exiting rather than buying into the strength. The STH Profit/Loss Ratio’s collapse to 0.07x reinforced that demand momentum has evaporated.

Source: CoinTelegraph