"Bitcoin (BTC) rebounds on spot buying... Eyeing a break above $90,000 after short-term correction"

Minseung Kang

Summary

Bitcoin has recently recovered to $84,000, with spot buying leading the rebound.
The report mentioned the possibility of Bitcoin breaking through $90,000 based on strong spot buying and positive on-chain indicators.
It was stated that the conversion of long-term holders' cumulative buying position to positive could drive further gains.

Bitcoin (BTC) has recently recovered to $84,000, and this rebound is reportedly based on spot buying rather than the derivatives market.

On the 14th, the global cryptocurrency exchange Bitfinex released a weekly research report stating, "Bitcoin rose 6.67% last week, rebounding nearly 15% from its recent low," adding, "Following President Trump's announcement of a 90-day tariff deferment, risk asset preference has recovered, and strong spot buying has been confirmed."

The report diagnosed, "Bitcoin has undergone a maximum 31% correction over the past 83 days, but this aligns with the mid-term correction patterns frequently seen in past bull markets." Bitcoin's current price is moving within a range of $75,000 to $85,000, and if the supply of sell orders decreases, there is also the possibility of breaking through the upper range.

On-chain indicators also show a positive trend. The report added, "The cumulative buying position of long-term Bitcoin holders has turned positive for the first time since December last year," and "If this buying trend continues even after a short-term correction, Bitcoin could continue its upward trend towards $90,000."

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