🟦Bitcoin has climbed back above $90,000, yet on-chain data continues to point to weakness in the current upswing. Despite a dense cost cluster around $84,000 — where roughly 400,000 BTC last moved — spot demand above this zone remains limited. Investors are increasingly opting to exit positions: realized losses are rising, and short-term holder profitability has deteriorated noticeably, underscoring a decline in market confidence.
🟦The futures market offers little support for sustained upside. The latest move higher is driven primarily by short covering, while open interest continues to shrink and funding rates hover around neutral. To establish a more durable bullish structure, the market needs a clear influx of active buyers and a recovery in demand within the $84,000–$90,000 range.