In the last couple of weeks, Bitcoin has frequently revisited the $90,000 range, spurred by improved sentiment among retail investors and renewed bullish expectations from fund managers anticipating a year-end rally. Additionally, Strategy recently announced a significant Bitcoin purchase, further bolstering market confidence. Matthew Sigel, VanEck's head of digital asset research, refers to Bernstein's analysis which suggests that Bitcoin's cycle has deviated from its traditional four-year pattern, entering a prolonged bull phase. This shift is attributed to sustained institutional buying, which mitigates the impact of retail panic selling.
Bernstein’s insights align with remarks from BlackRock's chair and CEO, Larry Fink, who noted an increase in Bitcoin acquisitions by sovereign wealth funds as prices have declined from their $126,000 peak. Fink highlighted, "They bought more when prices were in the 80s, aiming for long-term holding rather than short-term trading, understanding the market's volatility due to high leverage." Reflecting these sentiments, Strategy announced a substantial acquisition of 10,624 Bitcoins, valued at approximately $962.7 million, with an average price of $90,615 per coin. According to Andre Dragosch, Bitwise’s European head of research, this purchase marks Strategy's largest since July 2025.
Despite Bitcoin’s rebound from its November 21 low of $80,612, prices remain constrained within the $90,000 to $93,000 bracket. Chartered market technician Aksel Kibar observed, "Bitcoin is experiencing choppy price movements, possibly searching for a bottom. Significant technical support lies between $73.7K and $76.5K, echoing the pattern seen earlier this year when a double bottom formed."
Cumulative volume data from Hyblock reveals increased participation from investors trading between 0 to 100 BTC, often classified as retail traders. In contrast, larger cohorts dealing in sizes from 1,000 to 100,000 and 100,000 to 1 million BTC appear to be selling during rallies within the $90,000 to $93,000 range. Order book analysis for BTC/USDT on Binance indicates a considerable number of sell orders beginning at $90,000, intensifying between $94,000 and $95,000.
Meanwhile, liquidation heatmap data suggests a concentration of short positions between $94,000 and $95,300. This scenario could potentially provide the momentum bulls need to push Bitcoin towards the $100,000 mark, should a favorable market catalyst emerge to stimulate increased spot or futures buying.
As always, this article does not provide investment advice. Trading and investment decisions should be made based on individual research and risk assessment.