Bitcoin price has achieved a significant rebound towards $92,000 after a dramatic liquidation event took place recently. According to reports from Wintermute, investors are migrating towards delta-neutral strategies, drastically reducing their exposure to altcoins to focus on more consolidated assets while awaiting definitions from the Federal Reserve.
The market experienced a violent shakeout that wiped out approximately $2 billion in leveraged positions, causing a $4,000 drop in just one hour. Despite this downward move that momentarily pushed the price below $88,000, buyers quickly intervened at the lower levels, demonstrating notable resilience and absorbing selling pressure without generating a prolonged structural collapse across exchange platforms.
On the other hand, Glassnode data reveals that Bitcoin’s 14-day RSI climbed from 38.6 to 58.2, suggesting renewed buying interest. Likewise, spot volume increased by 13.2%, reaching $11.1 billion, indicating that demand remains active despite the fact that general market conviction remains uneven across different derivative instruments and metrics within the blockchain network.
Currently, the macroeconomic environment plays a crucial role, as investors remain cautious ahead of upcoming central bank decisions on interest rates. The global economy is at a turning point, and compressed basis rates suggest there is limited appetite for excessive leverage ahead of the Fed and Bank of Japan announcements scheduled for next week.
Can Bitcoin Break the $100,000 Resistance in This Scenario?
However, institutional flows have presented a worrying trend reversal, shifting from net inflows to significant outflows of $707.3 million in ETFs. Arthur Azizov, founder of B2 Ventures, noted that the persistence of these withdrawals weakens support, making the market quieter and less able to sustain aggressive price rallies in the short term, affecting the confidence of retail participants.
Despite this landscape of capital outflows, MicroStrategy continues its aggressive accumulation policy, having recently acquired an additional 10,624 BTC. This purchase, valued at approximately $962.7 million, reinforces the company’s position as an institutional holder, adding a total of 660,624 BTC to its reserves and demonstrating unwavering conviction in the digital asset long-term, regardless of current volatility.
Furthermore, futures open interest has declined to $30.6 billion, while perpetual funding rates have become more favorable for bulls. Nevertheless, the compression in the CME basis has driven growing interest in low-risk strategies within lower-cap assets, confirming that traders prefer to avoid risky directional bets in the alternative cryptocurrency ecosystem for the time being.
Ignacio Aguirre, CMO at Bitget, warned of additional pressure that international monetary policy could exert, especially the strengthening of the yen. According to the expert, a stronger yen raises the risk of unwinding trades, which could temporarily weigh on crypto valuations as leveraged positions reset across global markets, creating headwinds for immediate recovery.
To conclude, the market faces a key resistance that will define the year-end and the start of the next cycle. Azizov emphasized that only a strong move above $100,000 could flip the bearish narrative, restore lost confidence and open the way toward new highs, otherwise, we could see a deeper pullback towards the $82,000 zone.
