Bitcoin’s rally to $93,000 faces resistance, triggering a pullback to $89,250. Bulls need to hold $90,000 to regain control. Short positions building near $90,000 as open interest rises. A bounce from $90,000 could lead to a test of $93,000, while failure to hold $89,000 could send BTC to $86,000-$87,000 range.

Bitcoin rejected at $93,000, forming a swing failure pattern, leading to a drop to $89,250. Still, a bullish response is possible as BTC tests key order block between $89,200 and $90,500. Monthly rolling VWAP remains bullish, supporting BTC above $90,000.

Open interest data suggests short positions are building near $90,000. A strong close above $91,700 could signal bullish continuation. Failure to hold $89,000 may lead to a drop to $86,000-$87,000. Passive bids around $90,000 indicate potential for a short-term recovery.

Order book data shows strong passive bids at $90,000, signaling potential for a bounce. Futures trader warns of vulnerable longs and anticipates a drop to $86,000. While a bounce at $90,000 is possible, a break below $89,000 could lead to further downside.

Read more at Cointelegraph: Bitcoin Nears $91K And Bulls Are Not Done Yet