Bitcoin Eyes $90k Rebound After Rejection at $89,986
- Bitcoin recently surged to a 24-hour high of 89,986.00 USDT, falling just short of the $90,000 milestone before retracing.
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| Photo by André François McKenzie on Unsplash |
Bitcoin is currently engaged in a fierce battle to reclaim the psychological $90,000 threshold, following a period of high volatility that saw the asset surge to within inches of the milestone before pulling back. Data from the Bybit trading interface reveals that Bitcoin (BTC/USDT) recently hit a 24 hour high of 89,986.00 USDT, agonizingly close to the $90k mark, before facing resistance and consolidating around 87,580.00 USDT. This slight decline of 1.52% reflects the intense profit taking and selling pressure that often occurs at major all time high frontiers.
The market activity surrounding this price action has been immense. The 24 hour turnover for Bitcoin perpetual contracts on the platform alone reached a staggering 5.76 billion USDT, indicating massive liquidity and trader participation as the market tries to decide its next direction. Traders are actively utilizing leverage visible at 10.00x in the interface to capitalize on these swings, amplifying both the potential gains from a breakout and the risks of a correction.
Despite the pullback to the 87,000 level, the market structure remains active. The order book shows a tight spread between the bid (87,559.60) and ask (87,580.00) prices, suggesting that the "bounce back" to $90k is still very much in play if buying pressure resumes. With the daily range fluctuating between a low of 87,308.30 and the near $90k high, Bitcoin remains in a highly volatile discovery phase, with traders watching closely to see if the next leg up will finally shatter the $90,000 ceiling.