Key Insights:
- Bitcoin holds trendline support as bulls aim for $93K while liquidity clusters set pressure zones.
- CME gap at $88K draws attention as BTC trades between major support and resistance levels.
- Long liquidations outpace shorts, reflecting recent downside pressure and volatility-driven wipeouts.
Bitcoin was trading at $89,965.45 today. The price has edged up 0.6% in the last 24 hours and is up 2.8% over the past seven days. On the 4-hour chart, the price continues to hold above a rising trendline that has acted as support during recent market swings. This trendline has remained intact despite short-term volatility.
After pulling back into the $84,400 to $85,500 zone, buyers stepped in. This area matched a common Fibonacci level, and the market response showed a drop in selling activity. Since then, Bitcoin has formed a series of higher lows, pointing to steady demand and possible recovery from the recent dip.
Next Move May Target Above $93,900
Chart projections based on wave patterns point to a potential move toward $93,932 and higher. The recent rebound and structure support this target, assuming support levels continue to hold. A break above current resistance zones could push the price into this range.
There is resistance between $91,000 and $92,000, where sell orders are likely stacked. If the price moves above this area with strong momentum, it may open the path toward $93,900. The next sessions will be key in showing whether Bitcoin has enough strength to test or clear that level.
Liquidity Map Shows Pressure Points
Market data shows two clusters of resting orders. On the upper side, orders are grouped around $91,000 to $92,000. This could act as resistance if price moves higher. On the lower side, buy interest is building between $88,500 and $89,000.
A gap on the CME Bitcoin futures chart sits at $88,200. These gaps often see price return to fill them. As one trader noted, the gap “will most likely get filled.” Since it’s near the lower liquidity zone, the price may dip briefly before finding support and moving higher. This makes $88,200 an important level to watch.
Liquidation Data Shows More Longs Were Hit
Data from Coinglass shows that $5.52 million in long positions were liquidated, compared to $2.88 million in shorts. This means more traders betting on a rise were forced to close their trades due to falling prices. Long liquidations tend to happen when prices drop quickly.
This activity matches recent price behavior, where fast moves downward triggered sharp liquidation spikes. These events often push the market into areas with lots of resting orders. The market remains in a state where price can move quickly between key zones as traders adjust to shifting conditions.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Source: https://coincu.com/analysis/bitcoin-eyes-92k-as-88k-cme-gap-signals/