Bitcoin Approaches $90,000 as Traders Signal Confidence Despite Macroeconomic Uncertainty

Bitcoin Poised for Breakout Amid Dip-Buying and Derivatives Optimism

As global markets continue to digest complex macroeconomic signals, Bitcoin is once again nearing a critical resistance level—this time eyeing a potential breakout above $90,000. Despite turbulent global headlines and cautious central bank policy, investor sentiment surrounding the world’s largest cryptocurrency remains cautiously optimistic.

Navigating a Complex Global Backdrop

Bitcoin’s recent price movement comes as global markets contend with mounting geopolitical and economic headwinds. U.S. trade tensions, particularly those stemming from former President Donald Trump's proposed tariffs and China’s retaliatory stance, have added pressure to an already volatile environment.

Further complicating the picture, Federal Reserve Chair Jerome Powell recently confirmed that no near-term interest rate cuts are expected. Powell cited ongoing economic uncertainty and the potential risks associated with evolving trade policies.

Meanwhile, reports suggest that China has begun liquidating seized cryptocurrencies through private entities, using proceeds to shore up local government budgets—a move that adds both liquidity and intrigue to the broader crypto market narrative.

These factors have created a wait-and-see approach among some investors, particularly when it comes to allocating capital to riskier, high-volatility assets like cryptocurrencies. Bitcoin, in particular, has seen its price range tighten between the psychologically significant $80,000 and $90,000 bands.

A Technical Case for Optimism

Despite macroeconomic jitters, technical analysts remain optimistic. According to Valentin Fournier of Blockhead Research Network (BRN), Bitcoin appears to be in the “accumulation” phase of the Wyckoff Price Cycle—a pattern that historically precedes strong bullish rallies.

“Our base case remains an accumulation phase, with occasional dips likely before Bitcoin can make a clean break above the $89,000–$90,000 resistance,” Fournier explained in an interview with BeInCrypto.

This cycle, developed by renowned trader Richard Wyckoff, includes four distinct phases: accumulation, markup, distribution, and markdown. It’s a framework often used to interpret institutional behavior and to identify potential market reversals.

Fournier also pointed to a growing divergence between Bitcoin and traditional markets. While equities such as Nvidia have been negatively impacted by new chip export restrictions, Bitcoin’s dominance in the crypto market continues to rise. That strength suggests a possible continuation of underperformance in altcoins.

Derivatives Data Backs Bullish Bets

Supporting the bullish thesis is fresh data from Deribit, the world’s largest crypto options exchange. Analyst Tony Stewart notes that a growing number of traders are buying call options at $90,000 and even $100,000 strike prices, indicating a belief that Bitcoin is gearing up for a breakout.

At the same time, some traders are hedging their exposure by purchasing $80,000 puts or selling calls above $100,000—highlighting the divide between short-term caution and long-term optimism.

Notably, bullish traders have been seen rolling their positions upward, moving from $84,000 calls to higher strikes and funding those bets by selling downside protection. This strategy indicates increasing confidence in an upcoming rally.

Whale Activity and On-Chain Signals

On-chain data supports the narrative of growing accumulation. In a single day, Bitcoin whales reportedly moved over $280 million from exchanges into cold storage—a classic sign of long-term bullish positioning.

Meanwhile, regulatory commentary and shifting market dynamics continue to shape sentiment. SEC Chair Gary Gensler recently reiterated concerns about the speculative nature of many altcoins, and Ethereum’s market dominance has dropped to a five-year low of 7.3%, which some analysts interpret as a contrarian buying opportunity.

Elsewhere, Coinbase anticipates heightened crypto market volatility through mid-2025, attributing this to macroeconomic pressures and ongoing uncertainty around global trade policy. Additionally, Binance CEO Richard Teng revealed that the exchange is advising multiple governments on crypto policy and reserve strategies.

A Market Poised for a Defining Move

Despite recent hesitation below the $85,000 mark and stagnant open interest under $36 billion, positive funding rates suggest an undercurrent of renewed optimism. Whether Bitcoin will capitalize on that momentum and decisively push past the $90,000 resistance level remains to be seen—but traders are clearly preparing for the possibility.