Bitcoin faced resistance again at $90,000, with a key resistance level at $93,000

Bitcoin's rebound before the Federal Reserve's interest rate meeting was blocked near $90,000 and the price has returned to oscillate in the $86,000 - $90,000 range. Market analysis suggests that the real bullish turning point hinges on whether $93,000 can be reclaimed and turned into support.

From a technical perspective, Bitcoin's current main resistance levels are located around the 50-day moving average (approximately $90,000) and the 100-day moving average (approximately $94,000). Analysts point out that if it effectively breaks through and stabilizes above $93,000, the upside potential is expected to open up, with a target possibly pointing to $98,000, signaling the end of the adjustment phase.

On the funding side, the large-scale outflow of Bitcoin spot ETFs is clearly cooling down. Glassnode data shows that the 30-day average ETF net flow has gradually returned to neutral, indicating that institutional selling pressure is easing. However, the market currently still relies more on support from spot holders rather than new institutional funds.

Capriole data shows that corporate-level Bitcoin buying has significantly decreased, with almost only Strategy (formerly MicroStrategy) continuing to increase its holdings. Last week, Strategy added approximately 2,932 BTC for about $264 million.

In summary, the key for Bitcoin to break through the resistance above $90,000 in the short term still depends on the warming of institutional demand and the ETF funds turning back to net inflows. Before that, the market may continue to maintain a range-bound oscillation.