Quick overview

Live BTC/USD Chart

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Bitcoin saw a steep 30% drop from its peak of $126,000 before rising to $91,000 on Friday amid forced liquidations and risk-averse sentiment.
The recent movement of Bitcoin was fueled by a dense cost-basis cluster around $84,000. T

This range saw the acquisition of over 400,000 BTC, creating a distinct on-chain “floor.” However, the issue is that there is noticeably little spot participation above this level, even with such a strong base.

Prices are moving through areas with limited buyer engagement, and order books remain thin. This dynamic needs to shift from passive, historical accumulation to active, ongoing demand if Bitcoin is to stay above $90,000.

More spot absorption between $84,000 and $90,000 is necessary for a healthier bullish structure, but the market has not yet achieved this following the most recent decline.

Bitcoin continues to trade below the short-term holder (STH) cost basis ($104,600), according to Glassnode, placing the market in a low-liquidity zone similar to the post-ATH fade in Q1 2022.

In addition to realised losses now averaging $403 million per day, the $81,000–$89,000 compression indicates that investors are pulling out rather than buying into the strength.