Bitcoin (BTC) surged to $90,000, but onchain data showed weak demand and liquidity. A $84,000 cost-basis cluster held 400,000 BTC, but spot demand above it was low. Futures activity was driven by shorts-covering, not long positions. To sustain above $90,000, spot demand must increase above $84,000. Liquidity needs to stabilize as short-term holders lose confidence. Realized losses need to decrease for a trend shift. BTC futures markets lack offensive buy bids, with shorts covering driving the recent rally. Open interest is declining, and funding rates are neutral, indicating a lack of conviction from buyers. Rebuilding long-side open interest and positive funding from actual demand are needed for a supportive trend shift.

Read more at Cointelegraph: BTC Needs Key Trend Shifts to Hold $90K