Bitcoin Above $91K Eases Stress – But Depth, Flows and Stablecoins Still Call the Shots
Bitcoin is currently trading near $91,700, roughly 3% higher over the past 24 hours, shifting attention from last week’s stress towards whether the market can rebuild depth and attract steady cash demand.
Sentiment, however, still sits in fear territory even after the bounce, indicating that positioning remains defensive and that confidence in a floor is still tentative. The discussion now centers on durability rather than round-number optics, since $100,000 has served as the more meaningful pivot in recent months, while $90,000 functions mainly as a waystation inside the current range.
Market Signs To Watch
A recovery that sticks usually appears alongside thicker order books on BTC and ETH pairs, narrower spreads through the U.S. session, and funding that drifts toward neutral. Those conditions suggest that market makers are willing to warehouse inventory and that spot buyers are replacing short squeezes that fade late in the day.
When these signs strengthen together, intraday strength more often carries into the close; when they move in different directions, early gains tend to weaken as liquidity thins after hours.
Stablecoin issuance and exchange balances help separate real cash inflows from position covering. Net issuance that turns higher for several sessions frequently aligns with firmer spot settlement, while flat or negative supply can undercut rebounds even when prices look better intraday.
Order-book ladders around key U.S. data windows provide another read, since repeated gaps in depth leave the market vulnerable to cross-asset shocks.
Bitcoin Flows, Liquidity, And Macro Links
Spot Bitcoin and ETF flow direction continues to shape day-to-day closes. A turn toward creations in U.S. spot products generally supports stronger finishes, while persistent redemptions tend to cap rallies during the afternoon handoff.
The pace of those flows has tracked risk appetite in other markets, which is why late moves in equity futures often spill into crypto when depth is still rebuilding.
Macro context remains part of the setup. A firmer dollar or tighter financial conditions can reduce the willingness of traders to hold risk through event windows, while relief on rates can ease those drags and stabilize spreads.
Correlations have tightened during stress, so policy headlines or earnings guidance from large tech firms have continued to influence crypto, especially when liquidity is patchy.
For now, a price north of $90,000 eases the strain without settling the argument about trend. A convincing turn usually arrives when spot books thicken through New York hours and into the evening, when funding and basis settle toward neutral rather than swinging from one side to the other, when ETF creations start to outpace redemptions for more than a day, and when net stablecoin issuance rises in a way that points to new cash rather than recycled leverage.
Absent that mix, strength tends to exhaust itself before the close and the day finishes softer than it began, which keeps confidence brittle and keeps traders alert to policy headlines or earnings surprises that can drain bids in a few ticks. The market looks better than it did last week, yet it still trades like a place where one unwelcome headline can send price back to test the same ledges it just climbed.
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