Bitcoin faced significant resistance after reaching $94,000 last week and has not continued to break higher since. Currently, the price is oscillating between $90,000 and $93,000, repeatedly testing support levels. The market seems to be at a critical juncture—whether it will continue to rise or undergo a correction has become a key concern.

As of today, BTC is quoted around $90,739, with a minimal intraday decline of only 0.12%. However, what’s more noteworthy is what’s happening in the futures markets—actions by large traders may reveal more about market sentiment than the price itself.

According to CoinGlass data, long positions with 2x leverage are significantly larger than short positions. On the surface, the market still appears optimistic. But recent days have shown noticeable changes, especially among large traders on Bitfinex, who have started actively closing a considerable number of long positions. This move is interesting—usually, before major market moves, smart money reduces risk exposure in advance, so this wave of position closing might be a preparation for upcoming changes.

The activity in the futures market has indeed increased recently, with substantial trading volume. However, large positions are shrinking. This divergence reflects differing stances among market participants—retail traders may still be chasing longs, while those holding large chips are already adjusting their positions.