Bitcoin Eyes $92K as Traders Monitor Liquidity Levels Ahead of Weekly Close

Bitcoin Approaches Key Resistance Levels

Bitcoin price action gained as much as 2% over the weekend, with the cryptocurrency hovering above $91,000 as traders monitored critical liquidity zones ahead of the weekly close ^[1]. The weekend movements represented crypto markets' initial response to recent US military developments regarding Venezuela ^[1].

According to data from monitoring resource CoinGlass, the largest liquidity cluster in close proximity sits below the yearly open around the $88,000 area ^[1]. Trader Daan Crypto Trades identified $92,000 as the key level to watch above current prices, noting this level has functioned as the range high for an extended period ^[1].

Commentator Exitpump observed that order books showed "thin air" above $95,000, potentially creating conditions for a quick retest of the $100,000 mark ^[1]. The largest sell walls on spot order books were positioned at $92,000 and between $94,000 and $95,000 levels ^[1].

Fakeout Territory and Technical Patterns

Recent weekly candle closes have triggered Bitcoin price "fakeouts" in both directions, with the market liquidating nearby positions while failing to break out of its local trading range ^[1]. Trader Alan Tardigrade reported that BTC/USD had escaped a symmetrical triangle construction on two-hour timeframes, with $90,000 identified as the key level to pass ^[1].

Global Market Volatility Expected

Trading resource The Kobeissi Letter warned of major effects on the global economy from the weekend's Venezuela events, stating that "the macroeconomy is shifting and stocks, commodities, bonds, and crypto will move" ^[1]. The analysis highlighted that Venezuela holds 161 metric tons of gold reserves, approximately 5.18 million troy ounces worth roughly $22 billion at $4,300 per ounce, making it the Latin American country with the largest gold holdings ^[1].

Bitcoin Versus Gold Analysis

Crypto trader and analyst Michaël van de Poppe expressed optimism about Bitcoin's performance relative to gold, stating that "$BTC vs. Gold is starting an uptrend" ^[1]. While noting the trend was not yet confirmed, he indicated that establishing a higher high would confirm the bullish divergence ^[1].

Van de Poppe also observed that Bitcoin's weekly relative strength index (RSI) values had reached their lowest levels since the end of the 2022 bear market ^[1].

Altcoin Movement Signals

In the broader cryptocurrency market, XRP traded between $2.02 and $2.12 over a 24-hour period, with the current price at $2.09 representing a 4.15% increase ^[2]. The token's market capitalization stood at approximately $126.86 billion ^[2].

Technical analysis showed XRP trading above its 20-period exponential moving average at $1.99, with the RSI at approximately 83.90, signaling an overbought condition ^[2]. Short-term support levels were identified at $2.02, $1.99, and $1.93, while resistance appeared at $2.12 and potentially $2.30 ^[2].

Japanese Treasury Company Advantage

Meanwhile, Bitcoin treasury company Metaplanet may hold a financial advantage over US-based digital asset treasury companies due to structural weakness in the Japanese yen, according to BTC analyst Adam Livingston ^[3]. He noted that Japan's debt-to-GDP ratio of approximately 250% continues to weaken the yen ^[3].

Measured in US dollar terms, Bitcoin appreciated by about 1,159% since 2020, but gained 1,704% when measured against the Japanese yen over the same period ^[3]. Metaplanet holds 35,102 BTC in its reserve, making it the fourth-largest Bitcoin treasury company by holdings ^[3]. The company's most recent purchase occurred on Tuesday, acquiring 4,279 BTC for approximately $451 million ^[3].