Bitcoin (BTC) opened Wednesday’s trading session at $88,846, increasing by 1.07%. The trading volume also saw a 6.5% increase to $38.1 billion, according to CoinMarketCap data. The cryptocurrency’s trend for the past week, however, remained negative as it dipped by 0.56%. The momentum remained low at the major resistance levels.

Source: CoinMarketCap

The market conditions indicated mixed sentiments. The rise within the day indicated an increase in trading activities. However, investors also waited to see if Bitcoin would break through the $90,000 mark. This price level continued to affect the short-term directions of both derivatives and spot markets.

BTC Faces $90K Resistance After False Breakout

Analyst Crypto Candy highlighted that the cryptocurrency performed as anticipated after the false breakout last week. The cryptocurrency dipped to the $83,000-$85,000 zone and later recovered. The $90,000 level, however, has now become the resistance level after the cryptocurrency earlier traded in this zone as a support level.

The analyst also mentioned that the cryptocurrency’s price will continue to dip to the $83,000-$85,000 zone if it is unable to regain momentum in the coming days. This zone has remained a major level for buyers in recent market conditions.

Source: X

Moreover, another analyst, Ted Pillows, mentioned that the cryptocurrency’s inability to close the price above the $90,000 mark recently has been a major issue for the buyers. The buyers have been trying to cross this zone for the last few days, but the cryptocurrency’s price has remained stagnant at this level.

Source: X

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On-chain data from Santiment revealed a continuous accumulation pattern among whales. The 1,000–10,000 BTC range has increased their holdings, rising from 4.28 million BTC to 4.29 million BTC since January 21.

The 10,000-100,000 BTC range also increased holdings, rising from 2.19 million to 2.20 million BTC. The largest range, holding 100,000–1,000,000 BTC, increased their holdings sharply, from 664,000 BTC to approximately 672,000 BTC on January 28.

Source: Santiment

The total accumulation stood at approximately 18,000 BTC, worth approximately $1.6 billion at current prices. This occurred despite Bitcoin’s failure to rise above the resistance.

Open Interest Rises as BTC Volatility Increases

The derivatives data from CoinGlass shows a rise in volume by 9.38% to $61.58 billion. The Open Interest increased by 1.88% to $60.04 billion. The OI-weighted funding rate stood at 0.0078%, indicating a mild bias toward the long side.

Source: CoinGlass

The total liquidations stood at $78.08 million in the last 24 hours. The short positions stood at $63.84 million, while the long positions stood at $14.24 million.

Source: CoinGlass

Bitcoin failed to rise above the $90,000 resistance. The derivatives data indicates increasing volatility in Bitcoin. Until Bitcoin closes above this resistance, it’s likely to remain at a neutral position.

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