Key Insights:
- Bitcoin price tests the $93,000 to $94,000 zone as traders watch its next move.
- Bitcoin open interest dropped sharply after a major long squeeze.
- JPMorgan rolls out a structured product built on BlackRock’s IBIT.
Bitcoin price eyes $95,000 as traders look at the recent move above $89,000, a sharp fall in open interest, and a new JPMorgan product spotlighted by Eric Balchunas.
Notably, Ted Pillows also gave his view on the current levels and what traders should expect as Bitcoin tests a key resistance zone.
Bitcoin Price Outlook as Traders Watch Resistance
Bitcoin price gained attention after it pushed above $89,000. Crypto analyst Ted Pillows said the market was eyeing the $93,000 to $94,000 range.
He noted that a move above this zone could open the way to $100,000. He also pointed out that a rejection could send the price back toward $88,000.
The market still sees the average cost basis for spot ETFs around $79,000. This level shows where many large holders entered.
There has been no major selling from these funds. This gives the market some stability. Traders continue to watch how price behaves near resistance because it guides short-term expectations.
The next strong support sits at $74,000. A weekly close below that mark would signal pressure on the broader structure.
So far, Bitcoin remains far above that level as the market waits to see how the price reacts as it gets closer to $95,000.
Meanwhile, at press time, BTC was trading in an area where reactions tend to shape the next move. As of writing, Bitcoin price was trading at $90,714.
Each test of resistance gives clues about sentiment. The market will track these numbers as it moves into the next week.
Open Interest Drop Shows a Clear Reset in the Market
Bitcoin open interest dropped sharply in recent days. Total open interest moved from about $45 billion to $28 billion.
This marked the biggest fall of the current cycle. The move came from a strong long squeeze. Many traders with high leverage positions were pushed out.
However, the drop does not point to the start of a downturn, rather, it shows that excess leverage has been removed. A reset of open interest often reduces noise in the market.
This can help form cleaner price movement. Spot activity remains firm. There have been no signs of heavy selling from major holders.
Traders will now be watching how open interest will regrow. A slow build would point to steady confidence.
As detailed, a fast build would show that traders are adding risk quickly. Either path helps the market understand how participants view the next move.
Bitcoin price did not break its major support during the drop. This adds to the view that the fall was mainly a leverage cleanup.
The market now looks calmer as traders are likely to study how the price behaves above $89,000 in hopes of breaching the $94,000 resistance.
JPMorgan Launches Bitcoin Product Built Around IBIT
Eric Balchunas shared news on a new JPMorgan product for institutional clients. The product has deep ties to the BlackRock iShares Bitcoin Trust.
It sets a price for next month. If IBIT trades at or above that price after one year, the note ends at that point. Investors would then earn at least 16% in returns.
If IBIT stays below the set price after one year, the note continues until 2028. If IBIT meets JPMorgan’s next target before the end of 2028, investors would receive 1.5 times their original amount. There is no limit on how high the return can go. If Bitcoin price performs well, the gains would rise with it.
The product includes some protection. If IBIT drops in 2028 but not by more than 30%, investors will get all of their funds back.
If the drop is greater than 30%, investors would lose an amount equal to the decline. This setup mixes stability with room for growth.
The new product shows that large firms continue to design tools for long-term Bitcoin exposure. It also shows that demand for structured options remains strong.
Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.
