Bitcoin lacks breakout momentum under supply pressure. Can derivatives trading trigger a rebound?

【Crypto World】Bitcoin’s recent price action has been heavily constrained by the selling pressure from large holders’ positions, especially during the holiday periods when trading is light, exposing the market’s fragility. On-chain data shows that the $93,000 to $120,000 range is filled with sell orders. Attempts to push higher are met with resistance from this wall. The $81,500 level has already become a true equilibrium point, with previous sell-offs absorbed.

Interestingly, the recent upward momentum is not primarily driven by spot market accumulation but mainly manipulated by contract traders. For example, breaking through $90,200 a while ago was quickly followed by a sharp decline, which is a typical leverage game. In the short term, large-scale breakthroughs are unlikely, and the market may remain stuck until at least the end of 2025. However, if CPI data shows positive signs, a rebound could be possible, but don’t expect it to last too long.