Bitcoin Price Stays Above $90K — How Long Can It Hold On?

Bitcoin has recently demonstrated its strongest performance since the significant October 10 downturn, reclaiming the crucial $90,000 mark. This rebound has reignited hopes for a renewed bull run within the crypto community, but is this momentum sustainable, or is a correction on the horizon?

Analyst Warns of Potential Rejection

Despite the renewed market optimism following Bitcoin's impressive rally, a prominent on-chain analyst, CryptoOnchain, offers a cautious perspective. In a recent evaluation shared on the X platform, the analyst suggests that Bitcoin's current price action around the $90,000 level faces a considerable risk of rejection. This assessment is underpinned by on-chain data indicating substantial Bitcoin inflows to Binance, the world's largest crypto exchange by trading volume. Such an influx, combined with a perceived limited buying power to absorb this potential supply, points towards an unfavorable supply-demand dynamic that could exert downward pressure on the price.

Consolidation Ahead?

CryptoOnchain's analysis further elaborates on the market's trajectory, noting that after a rebound from a "Point of Control" (PoC) near $82,000 – a price level with the highest trading volume in a given period – Bitcoin appears to have settled into a distinct "consolidation zone" spanning between $70,000 and $90,000. Based on the observed "clear supply-demand imbalance," the analyst concludes that a rejection from the $90,000 mark, followed by sideways movement within this defined $70,000 – $90,000 consolidation range, is the most probable scenario for Bitcoin's immediate future. As of the latest update, the price of BTC stands just above $91,000, reflecting minimal significant movement in the last 24 hours.