Bitcoin Targets $97K as Futures Signal Renewed Bullish Momentum
Bitcoin Holds $90K Support as Futures Data Suggests Sustainable Rally Toward $97,000
Introduction
Bitcoin (BTC) demonstrated resilience during U.S. market holidays, maintaining crucial support levels while futures markets flashed signals of renewed bullish momentum. As BTC/USD held above $90,000 into the Thanksgiving weekend, traders identified $97,000 as a key upside target, with some analysts suggesting a return to six-figure price levels remains possible. Critical technical indicators and on-chain metrics point to a potential shift in market structure, with futures leverage resetting and spot markets showing recovery signs after recent volatility. This combination of technical strength and fundamental improvements creates an intriguing setup for Bitcoin's next major price movement.
BTC Price Stability Amid U.S. Holiday Trading Lull
Bitcoin capitalized on reduced U.S. selling pressure during Thanksgiving, maintaining $90,000 as support after hitting weekly highs near $92,000. Data from Cointelegraph Markets Pro and TradingView confirmed BTC's ability to defend this psychological level despite earlier market uncertainties. The absence of Wall Street trading sessions provided bulls with temporary relief, allowing consolidation above critical support. This price action represents a significant improvement from recent volatility, with the cryptocurrency establishing a foundation for potential upward movement.
The current stability around $90,000 marks a notable recovery from earlier November conditions when BTC/USD traded above $100,000 but showed concerning signals across multiple metrics. The ability to maintain this level during typically low-liquidity holiday trading suggests underlying strength in the market structure. Traders are now watching whether this support can transform into a launchpad for testing higher resistance levels that have contained previous rally attempts.
Technical Analysis Points to Critical Resistance Battle
Traders and analysts have identified the 2025 yearly opening level above $93,000 as the next crucial resistance test for Bitcoin. Crypto trader, analyst and entrepreneur Michaël van de Poppe emphasized this threshold's importance in a post on X, stating: "If this level breaks, Bitcoin is back up to $100K." His analysis suggested that while the current bounce appears strong, some consolidation would be beneficial before attempting to breach this resistance zone.
Van de Poppe added that he "wouldn't mind" a retest of $88,000 first, describing the overall crypto bull cycle as "far from over." This perspective acknowledges potential short-term volatility while maintaining a longer-term bullish outlook. The BTC/USD one-day chart shared by van de Poppe illustrated the significance of the $93,000 level as a gateway to higher price targets, with the area between current prices and this resistance representing a key battleground for bulls and bears.
Liquidity Analysis Identifies $97K-$98K as Key Target
Exchange order-book liquidity analysis provides concrete evidence supporting the $97,000 price target thesis. Trader Daan Crypto Trades identified the $97,000-$98,000 region as particularly significant based on data from monitoring resource CoinGlass. He explained to X followers: "The $97K-$98K is stacked after seeing that consistent and heavy sell off 1-2 weeks back. This created a ton of marginally lower highs, creating such a big liquidity pocket."
The BTC liquidation heatmap shared by Daan Crypto Trades showed concentrated liquidity around these levels, making them natural magnets for price movement. He further noted that "$97K-$98K area is also in line with a clear horizontal price level," reinforcing its technical importance. This analysis suggests that market structure itself is pulling Bitcoin toward this zone, regardless of broader narrative or fundamental developments.
Futures Market Reset Creates Foundation for Sustainable Move
A critical development supporting Bitcoin's bullish case comes from futures market dynamics. According to analysis from CryptoQuant contributor XWIN Research Japan, "The Bitcoin market is showing clearer signs—across futures, spot, and on-chain data—that the recent 'leveraged phase' is ending and longer-term capital is returning." This assessment points to a healthier market structure developing after excessive leverage was washed out from the system.
The leverage reset appears in CryptoQuant's dedicated indicator tracking retail investor activity on Bitcoin futures, which now mirrors "past market turning points" by flipping green. Historical context shows similar signals often preceded sustainable upward movements rather than short-lived rallies. This development suggests the current momentum may have more staying power than previous attempts to reclaim higher price levels, as it's built on more solid foundations with reduced speculative excess.
Spot Markets Show Early Recovery Signals
Complementing the futures market improvement, spot markets are beginning to display recovery characteristics. J. A. Maartunn, a contributor to onchain analytics platform CryptoQuant, highlighted that spot taker cumulative volume delta (CVD) is edging back to neutral from negative territory. He announced this development with the comment: "That's a significant step forward!"
The normalization of spot taker CVD is particularly noteworthy given that negative readings had formed one of multiple areas of concern for analysts at the start of November when BTC/USD was still trading above $100,000. The improvement suggests buying pressure is returning to spot markets, which typically provides more sustainable support than futures-driven movements alone. This combination of spot market recovery and futures market reset creates a more balanced bullish case than what existed during previous rally attempts.
Historical Context Informs Current Market Assessment
The current market setup shares characteristics with previous Bitcoin cycles where leverage resets preceded significant upward movements. The pattern of excessive leverage building up, followed by washouts that create healthier foundations for advances, has repeated throughout Bitcoin's history. The difference in the current environment lies in the maturity of market infrastructure and the diversity of participants, potentially making recoveries more structured than in earlier cycles.
Comparing current conditions to early November when Bitcoin traded above $100,000 reveals important differences in market composition. Then, concerns about spot taker CVD and excessive futures leverage created underlying weakness despite high prices. Now, with those metrics improving even at lower absolute price levels, the foundation appears stronger for sustainable advancement. This contrast highlights why price alone doesn't tell the full story of market health.
Strategic Conclusion: Monitoring Key Levels and Metrics
Bitcoin's ability to maintain $90,000 support while futures markets signal renewed bullish momentum creates an optimistic short-to-medium-term outlook. The convergence of technical analysis pointing toward $97,000-$98,000 targets and improving fundamental metrics across spot and futures markets suggests the potential for meaningful upward movement. However, traders should monitor several critical factors in coming sessions.
The battle at the 2025 yearly opening level above $93,000 represents the immediate technical hurdle. A clean break above this resistance could accelerate movement toward the identified liquidity pocket around $97,000. Additionally, continued improvement in spot taker CVD and maintained discipline in futures leverage would support the sustainability of any advance. The broader context of van de Poppe's assessment that the crypto bull cycle remains "far from over" provides perspective beyond immediate price targets.
Market participants should watch for either confirmation of the current supportive structure or signs of deterioration at key levels. The $88,000-$90,000 zone now represents crucial support that must hold to maintain the bullish setup, while progress above $93,000 would validate the optimistic technical projections. As always in cryptocurrency markets, these developments should be monitored alongside broader macroeconomic conditions and industry-specific news flow that could impact sentiment and capital flows.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.