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

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 between $93,500 and $95,000. Short-term price movements remain constrained by factors such as divergent ETF fund flows. Bitcoin is currently entering a dense supply zone comprised of buyers who exited near recent highs, with a cost base between $92,100 and $117,400. As prices return to this area, holders looking to break even may increase selling pressure, creating significant upward resistance or triggering "break-even selling pressure," potentially leading to range-bound trading. The derivatives market reflects cautious optimism, characterized by both long-term bullish positions and short-term downside hedging.