Bitcoin traded near $93,800 on Jan. 7 after bouncing from mid-$80,000 levels in December, with stablecoin reserves on Binance signaling available buying power despite the recent rally. The Bitcoin-to-stablecoin ratio on the exchange remains elevated at approximately 1, indicating capital has not yet been fully deployed—a pattern that preceded March 2025's push toward $126,000.

What Happened: Stablecoin Metrics

Analysis by Darkfost shows stablecoin reserves grew by roughly $1 billion as prices fell, while Bitcoin's USD value declined.

The current ratio structure closely mirrors conditions seen before Bitcoin's March 2025 recovery from $74,000 to near $126,000, according to Darkfost's assessment.

Despite Bitcoin rallying approximately $8,000 over the past week with nearly $4 billion in open interest expansion, stablecoin balances remain proportionally high relative to Bitcoin holdings on Binance.

The exchange continues to host a dominant share of centralized exchange liquidity. Stablecoin reserves account for a relatively large share of exchange balances, mechanically increasing purchasing power as Bitcoin's price declined.

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Why It Matters: Technical Structure

Bitcoin remains below declining short-term and mid-term moving averages despite reclaiming horizontal support near $92,000–$93,000.

The rebound has not been accompanied by decisive volume surges, suggesting buyers remain selective rather than aggressive.

Price must reclaim and hold above $97,000 to $100,000 to shift momentum decisively, as current levels act as immediate dynamic resistance while longer-term averages reinforce a broader corrective structure.

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