Bitcoin Near $90K: Will Bank of Japan Trigger Rally?
Generally, Bitcoin is sitting around $89,800 now, just above a support zone that sits between $86,000 and $89,000. Obviously, this area helped the price back in December and it’s getting tested again after a dip from $95,000 highs. Usually, the $90,000 line used to be a safety net, but now it acts like a ceiling, and any move above it could meet heavy selling. Currently, market volume has slowed down, investors are kinda waiting to see what happens next.
Key Support Holds, But Resistance Looms
Apparently, the support zone is holding, but resistance is looming. Normally, this would mean that the price is likely to fluctuate. However, the $90,000 line is a key level, and breaking it could be difficult. Obviously, if the price breaks above $90,000, it could lead to a rally.
Macro Factors in Focus: Bank of Japan’s Potential Impact
Interestingly, analysts think the next big move might come from central banks, especially the Bank of Japan. According to Michaël van de Poppe, the BoJ could calm bond markets, which might lift risk-on assets like Bitcoin. Generally, this would be a positive development for the cryptocurrency market.
«Bitcoin is holding its support level, but we may need to wait until tomorrow for clearer signals. The Japanese Central Bank’s intervention in the bond markets could ease pressure, potentially reigniting interest in risk assets like cryptocurrencies.»
Normally, if the BoJ steps in, stress on the financial system could drop and people might go back to riskier stuff, Bitcoin included. However, we haven’t seen a concrete move from them yet. Usually, this kind of uncertainty can lead to market volatility.
Mixed Signals from Analysts and Market Data
Apparently, opinions are all over the place. Some traders, like Merlijn The Trader, say holding above $87,700 could start a surprise rally. Others spot a bear flag that might push the price down to $60,000 if it holds. Generally, this kind of disagreement among analysts can make it difficult to predict the market.
Mixed Signals from Analysts and Market Data
Obviously, Egrag Crypto is more hopeful, saying the long-term trend is still alive and the current moves are just a consolidation, not a crash. Usually, this kind of analysis can provide some insight into the market. However, leverage numbers are climbing too, which can lead to bigger swings.
Whale Activity Remains Subdued
Interestingly, even with the leverage rise, big holders – the so-called whales – haven’t moved much. According to CW, the CVD indicator is calm, showing a buying wall near $86,000 and a selling wall around $100,000. Generally, this kind of activity can indicate a lack of direction in the market.
External Shocks Add to Volatility
Normally, outside news still shakes things up. When former President Donald Trump announced he was dropping planned tariffs on Greenland, markets jittered and Bitcoin fell 7% in a week before clawing back a little. Obviously, this kind of event can have a significant impact on the market.
What’s Next for Bitcoin?
Apparently, the next few days could decide the short-term path. Generally, it’s a good idea to keep an eye on:
- Bank of Japan policy – any bond market help could boost risk appetite.
- The $90,000 resistance – breaking it clean could swing momentum up.
- Leverage and whale moves – higher leverage means bigger swings, whales could hint at direction.
Obviously, right now Bitcoin is teetering. Usually, if support holds and macro news lines up, a rebound might happen. However, if not, we could see another dip. Generally, I’ll be watching closely.
