While Bitcoin once again bounces off the $90K resistance, I came across news that Bitfinex whales are actively increasing their long positions. Their exposure is at the highest level in nearly two years and even exceeds the levels seen in spring, when BTC rallied more than 50% after dropping below $75K.
I think this behavior can be seen as another potential signal for a New Year bounce. That said, I wouldn’t expect a full trend reversal. Going long from current levels toward $95K–$100K is probably the absolute maximum to expect given the current conditions.
It’s frustrating: while equities and precious metals are printing new highs, crypto holders are left without the long-awaited holiday rally. Still, I wouldn’t get discouraged — this correction, although painful, is historically quite mild (even if we dip below $80K).
From a technical standpoint, all my attention today is on the $85K level. If we lose it, no Bitfinex whales will be able to save us.
Curious to hear your take. How do you think we close the year?
👍 — above $90K
🔥 — below $90K
