Bitcoin’s recent surge to $91,000 seems to be faltering, although analysts maintain that the short-term guidance for BTC remains positive.

Key Highlights:

• Bitcoin must overcome immediate resistance levels ranging from $92,000 to $95,000.
• Increased trading volume is necessary to elevate BTC back into six-figure territory.

The Path Ahead for Bitcoin

The BTC/USD trading couple has maintained a narrow range, fluctuating between $90,300 and $92,000 after a recovery from multi-month lows of $80,000, according to feedback from Cointelegraph Markets Pro and TradingView.

A wealth management firm, Swissblock, pointed out that Bitcoin’s dip below the yearly opener of $93,300 marked a significant trend shift.

“The trend only flips if BTC reclaims $94K–$95K.”
(Translation: The market’s direction will only change if Bitcoin rises above $94K-$95K.)

Further analysis from Glassnode indicates substantial resistance levels at $93,000-$96,000, where approximately 500,000 BTC have been acquired.

In terms of market activity, Bitcoin’s onchain transfer volume has plummeted by 20%, resting at $87 billion last week. The present daily spot trading volume is around $12.8 billion, indicating a significant drop compared to earlier peaks in this bullish market.

With robust trading activity on exchanges, market conviction would likely strengthen, paving the way for renewed Bitcoin rallies, similar to the 32% increase seen between May and July when BTC reached around $123,000.

(Note: This piece does not offer investment advice. All investments carry risks, and due diligence is essential when making investment decisions.)