BTC has already broken through the resistance zone of 88,000-89,000 and is currently pushing towards the 94,000 mark. There is an interesting phenomenon worth noting in this rally.

By looking at the open interest (OI) data, we can see the clues. As the price rises, the OI is also increasing simultaneously, and the current OI level has already surpassed the scale it was at when BTC tested 94,000 a month ago. What does this indicate? More leveraged funds are participating in this rally, and the momentum of follow-through is stronger. Overall, the quality of this upward push is much more solid than previous rebounds.

The next movement can be divided into two scenarios. If BTC can effectively hold above 94,000 and confirm this level, the next key resistance zone to watch is around 100,000. If it gets blocked at 94,000 and pulls back, the 88,000-89,000 range is likely to turn into a support zone, increasing the probability that the price will find support there.

But a word of caution—strong rebounds can also occur in a bear market, and a strong rebound does not necessarily mean the overall trend has reversed. Whether this Q1 rally can continue ultimately depends on market structure, emotional fluctuations, and historical patterns working together. From this perspective, it’s not the time to start a long-term bullish position or go all-in on spot holdings. We need to observe a bit longer.