Bitcoin price back at $90K: Is the bear market behind us?

💡 DMK Insight

Bitcoin’s recent three-week high is a classic case of cautious optimism among traders. Despite the price surge, the lack of robust derivatives and spot ETF flows indicates that many are hesitant to fully commit to bullish positions. This could suggest that while some traders are taking advantage of short-term gains, the broader sentiment remains skeptical about sustaining this upward momentum. If we look at the derivatives market, low open interest could mean that traders are not betting heavily on further price increases, which might limit Bitcoin’s ability to break through key resistance levels. For those considering positions, keep an eye on the $30,000 mark; a decisive move above this level could shift sentiment. Conversely, if we see a pullback, the $28,000 support level will be crucial. Watch for any changes in ETF flows as they can provide insights into institutional interest, which could either bolster or undermine the current rally.