Bitcoin is showing signs of recovery after a period of high volatility. Despite a 30% decline from its historic peak in January, the cryptocurrency seems to be finding equilibrium. Key factors could lead BTC back to $90,000.
Solid Derivatives Market
Bitcoin has been trading below $86,000 due to global economic uncertainties. However, the derivatives market indicators remain stable. The futures contracts basis rate has stabilized around 5%, indicating no investor panic. The long/short ratio on OKX shows long positions exceeding short ones at a 18:1 ratio, indicating cautious optimism.
Whales Boost Bitcoin Accumulation
Optimism is growing around bitcoin due to whale movements. According to Santiment data, addresses holding between 1,000 and 10,000 BTC added 20,000 BTC in 24 hours, a sign of strong institutional confidence.
Towards $90,000 for Bitcoin?
Bitcoin is in a decisive phase. If the crypto manages to confirm the breakout of the ascending triangle and whales continue their accumulation, a return to $90,000 seems possible. Volatility, central bank decisions, and ETF flows remain crucial factors.
The coming weeks will be crucial for bitcoin. If macroeconomic conditions improve and institutional demand remains strong, bitcoin could resume its upward trajectory. Otherwise, consolidation may prolong.
