Bitcoin (BTC) is currently trading near $90,000, maintaining key support within the $86,000 to $89,000 range. This zone, which had been a strong base in December, is being retested post a retraction from recent local highs around $95,000.

Key Support Level Under Pressure

The price has struggled to maintain the $90,000 threshold, which has transitioned from support to resistance. Until this level is reclaimed, upward movements may encounter challenges. Market structures indicate stability, but the current momentum appears to be fading.

Following an initial rise during the downturn, trading volume has decreased, highlighting a drop in activity as traders await clearer signals. The RSI remains around the midpoint, indicating neither strong buying nor selling pressure.

Michaël van de Poppe, founder of MNF Fund, mentioned,> “Bitcoin holds the support level, though we’ll still need to wait until tomorrow. The Japanese Central Bank needs to intervene in the bond markets to put it to rest, and then, probably, risk-on assets will continue to move.”
Translation: Michaël van de Poppe indicates that Bitcoin’s movement relies on the Bank of Japan’s actions in the bond market.

This suggests that decisions made by the Bank of Japan could significantly affect broader markets, as any easing in bond market pressure may lead buyers back to higher-risk choices like cryptocurrencies.

Over the last week, Bitcoin has seen a decline of 7%, despite a slight uptick in the last day. News of President Trump canceling tariffs related to Greenland spurred sudden volatility across multiple markets.

Analysts Divided on Market Direction

Currently, a definitive trend is not apparent. Analyst Merlijn The Trader observed,> “$87.7k is the line in the sand. If BTC doesn’t break it, you’re in for a surprise.”
Translation: Breaking the $87.7k mark is critical for Bitcoin’s future price movement.

While some experts foresee a bearish trend aiming for $60,000, others believe the long-term structure remains viable. Egrag Crypto pointed out that the current price fits within a larger range, signaling stability.

Conversely, data from CryptoQuant analyst Arabic Chain indicated that the leverage ratio on Binance has surged to its highest since last November, sitting at approximately 0.184. This reflects a shift towards riskier trading, with an increase in borrowed funds setting the stage for more volatile market fluctuations.

Despite this, whale activity appears subdued. Analyst CW noted,> “The BTC CVD indicator is calm. A buying wall has formed at 86k, and a selling wall exists around 100k.”
Translation: Whale movements are currently lacking significant impact on market dynamics.