Bitfinex Alpha Report: BTC tests the $93,500 to $95,000 resistance zone, entering a range-bound trading phase.

According to Mars Finance, a Bitfinex Alpha report indicates that after rebounding from its lows near $80,800 in late November, Bitcoin continues to test the key resistance zone of $93,500 to $95,000. Short-term price movements remain constrained by factors such as divergent ETF fund flows. Currently, Bitcoin is entering a dense supply zone comprised of buyers who bought at recent highs, with its cost base between $92,100 and $117,400. As prices return to this area, holders looking to exit at breakeven may increase selling pressure, creating significant upward resistance or leading to "break-even selling pressure," potentially causing the market to remain range-bound. The derivatives market reflects cautious optimism, characterized by both long-term bullish positions and short-term downside hedging.