Bitcoin (BTC) is testing a critical support region near $90,000 after completing a closely watched CME futures gap, prompting analysts to evaluate whether the market is entering a deeper liquidity sweep or preparing for a short-term recovery.

As traders assess whale accumulation patterns, ETF flows, and key technical levels, attention now centers on whether Bitcoin can maintain support and challenge recovery targets at $99,600 and $103,800.

Bitcoin Tests $90K After CME Gap Fill

Bitcoin (BTC) is currently trading near $93,413, stabilizing after a brief dip below the $90,000 mark. The move followed the completion of a widely tracked CME futures gap, a recurring pattern created when Bitcoin futures reopen after weekend trading breaks. Research from YieldFund indicates that approximately 98% of CME gaps historically fill, making them relevant markers within technical analysis.

Bitcoin fills the CME gap and dips below $90K, eyeing $88K–$90K as a potential local bottom. Source: @TedPillows via X

Market analyst Ted (@TedPillows), who frequently publishes derivatives-based insights using Binance 1D charts, explained that the $88,000–$90,000 range has acted as a significant liquidity zone. “Bitcoin filled the CME gap and dropped below $90,000. The level I’m watching is $88,000–$90,000,” he said, adding that deeper liquidity sweeps remain possible before stronger stabilization develops. A liquidity sweep—a brief downward movement designed to absorb accumulated orders—often occurs in high-volatility conditions.

Traders remain divided on BTC’s short-term direction. Some believe the price could briefly extend toward $84,000, highlighting historical reactions following gap closures. Others point to previous cycles where similar moves led to sharp rebounds. These differing interpretations reflect broader uncertainty driven by factors such as tightening U.S. liquidity, shifting risk appetite, and ongoing discussions about why Bitcoin is dropping despite steady ETF participation.

Whale Activity Signals Accumulation Phase

While price pressure persists, on-chain data suggests increased accumulation among large holders. According to Ted, Bitfinex BTCUSDLONGS—a metric tracking leveraged long exposure—has seen a notable rise. This trend resembles patterns from Q3 2024 and Q1 2025, periods when whales increased exposure during market drawdowns before subsequent uptrends formed.

Bitfinex whales accumulate massive BTC longs, hinting at potential strong support during the ongoing dip. Source: @TedPillows via X

“Bitfinex whales are building massive BTC longs now,” Ted noted, referencing the upward momentum in TradingView chart data showing long positions approaching the 67,399 level. Historically, rising leveraged longs have coincided with forward-looking accumulation phases, though interpretation remains complex.

Analysts emphasize that whale positioning is not always a direct indicator of market direction. Institutions often hedge long exposure with short positions or derivatives, making the net market impact unclear. Even so, whale behavior remains a valuable sentiment gauge, especially when combined with broader structural signals such as spot Bitcoin ETF flows, institutional positioning from firms like BlackRock and Fidelity, and global liquidity trends.

Short-Term Bullish Recovery On the Table

Technical analysts are closely monitoring a descending channel pattern that has guided Bitcoin’s price action in recent weeks. Crypto strategist Klejdi Cuni, known for his trend-mapping and chart studies, observed that BTC continues to respect the channel’s lower boundary. This level has acted as reactive support, suggesting early signs of buyer engagement.

Bitcoin shows early signs of a short-term bullish reversal, with targets at $99,600 and $103,800 if the channel breaks. Source: KlejdiCuni on TradingView

Cuni explained that a decisive breakout above the channel’s upper trendline could indicate a structural shift. “A breakout above the upper trendline could trigger a stronger recovery,” he said, adding that confirmation typically comes through a break-and-retest behavior. If this occurs, Bitcoin’s next key upside targets are $99,600 and $103,800, zones that align with previous supply clusters and short-term projections across multiple Bitcoin price prediction models.

However, analysts cautioned that these scenarios remain contingent on Bitcoin holding above the $88,000–$90,000 support range. A failure to maintain this level may result in another liquidity sweep, prolonging consolidation and potentially delaying any broader recovery. Macroeconomic sentiment, ETF flows, and global risk conditions will be critical factors in determining whether Bitcoin’s next move is a continuation of the pullback or a shift toward recovery.

Final Thoughts

Bitcoin’s current positioning near the $90,000 support zone places the market at a pivotal technical level. While CME gap completion and whale accumulation suggest underlying interest, sustained recovery will depend on a combination of market liquidity, ETF demand, and broader macro conditions.

Bitcoin was trading at around 93,423, down 0.37% in the last 24 hours at press time. Source: Bitcoin price via Brave New Coin

A confirmed breakout from the descending channel could mark the beginning of a short-term rebound, but traders remain attentive to the possibility of further downside exploration before momentum shifts decisively.