Bitcoin Approaches $100K Milestone as On-Chain Recovery Signals Sustainable Rally

**Bitcoin Price Consolidates with GBP Parity in View**

Bitcoin is currently trading around $93.28K following a modest -0.67% pullback over the past 24 hours, but market structure suggests the rally remains intact. The world's largest cryptocurrency has maintained firm footing above the $90,000 psychological level throughout the Thanksgiving lull, presenting traders with a clearer technical picture ahead of the 2025 yearly open challenge at $93,000.

**Technical Resistance Zones Paint an Optimistic Path**

The immediate focal point for bulls centers on the $97,000-$98,000 range, which represents both a significant liquidity cluster from previous sell-off activity and a confluence of horizontal price levels. Breaking through the $93,000 threshold could accelerate momentum toward the $100,000 target that market participants have been eyeing. Analysts note that even a temporary dip to $88,000 would be a healthy market correction within the broader bull narrative rather than a reversal signal.

**Futures Markets Confirm Deleveraging and Recovery Pattern**

Behind-the-scenes activity in derivatives markets reveals a crucial inflection point: widespread leverage liquidation has cleared weak hands from the market. This washout typically precedes more sustainable upside moves, as it removes forced sellers from the equation. The futures positioning data suggests institutional and retail traders have repositioned defensively, setting the stage for a more structured advance.

**Spot and Chain Data Alignment Points to Institutional Re-Entry**

The most compelling evidence comes from on-chain analytics showing the taker cumulative volume delta (CVD) rebounding from negative territory to neutral. This recovery mirrors similar recovery patterns from past Bitcoin cycles, indicating spot market participants are regaining conviction. Meanwhile, market signals across futures, spot markets, and blockchain metrics converge on one narrative: the "leveraged accumulation phase" has concluded, and longer-term capital is rotating back into Bitcoin positions.

The combination of technical setup, derivatives deleveraging, and on-chain strength suggests Bitcoin is positioned for a meaningful test of $100,000 resistance in the near term, with the $97K-$98K zone serving as a critical waypoint in this advance.