Bitcoin Nears $91K And Bulls Are Not Done Yet -

Bitcoin’s start of year rally ran into stiff resistance near $93,000, triggering a pullback that has shifted the market’s focus back to key support levels. While the higher-time-frame (HTF) structure still looks fragile, the lower time-frame (LTF) signal suggests bulls may yet have room to regain control if critical levels hold.

Key takeaways:

Bitcoin rejected at $93,000 for the third time, slipping back toward weekly lows near $89,250.
Rising open interest during the dip suggests shorts are building positions near $90,000.
Strong passive bids around $90,000 could act as a springboard, or fail and open the door to the $86,000 to $87,000 range.

Bitcoin bulls need to hold $90,000

After an 8% surge to $93,000, Bitcoin (BTC) printed a swing failure pattern (SFP) at the same resistance level for the third time. The rejection pushed BTC down to weekly lows near $89,250, reviving the risk of consolidation or bearish continuation in line with the broader HTF trend.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange, Bitcoin Futures, Price Analysis, Market Analysis, Liquidity — *Bitcoin six-hour chart. Source:* *Cointelegraph/TradingView*

Still, the LTF structure leaves room for a bullish response. Bitcoin is currently testing a key order block between $89,200 and $90,500, the first area of interest where bulls could attempt fresh long entries if momentum flips positive.

Adding to this support, BTC continues to hold above the monthly rolling VWAP (volume-weighted average price), which turned bullish again at the start of 2026.

In the near term, Bitcoin could chop sideways into the weekly close. A decisive bullish engulfing recovery above $91,666 would mark the first confirmation of bullish continuation, forming a higher low on the LTF trend and potentially trapping late shorts positioned from $90,000 to $92,000.

Open interest data strengthens this setup. As BTC dipped to $90,000 from $92,000, open interest climbed sharply, a sign that short positions are building. If BTC can defend $90,000, a short squeeze becomes likely. A strong daily close above $91,700 would be the first signal, opening the path for another test of $93,000.

However, failure to hold above $89,000 would quickly expose internal liquidity from $86,000 to $87,000, giving sellers a clear downside target.

BTC buyers flood order book with passive bids

Data from CoinGlass shows the aggregated order book liquidity delta flashing strong passive bids at about $90,000. Over the past two weeks, similar bid absorption has preceded short-term recoveries, a pattern that could repeat if buyers continue to defend this zone.

*Bitcoin orderbook liquidity delta chart. Source: CoinGlass*

That being said, futures trader Byzantine General cautioned that rising open interest cuts both ways. The analyst said:

“Liquidations data suggests that there’s a good amount of vulnerable longs in there. I could see a little bounce here at 90k, but ultimately it makes sense to me that it takes out those local lows around 86k.”