Bitcoin (BTC) rebounded sharply this week, reclaiming the $90,000 level after a brutal 35% correction, driven by improving sentiment around institutional access. The recovery has refocused attention on the psychologically important $100,000 mark.
BTC rose over 16% from a local low near $80,600, gaining momentum after Vanguard confirmed it will allow ETFs and mutual funds holding cryptocurrencies to trade on its platform. This move, seen as a step toward mainstream crypto adoption, particularly benefits long-term investors previously restricted by platform limitations. BlackRock’s IBIT generated $1 billion in volume following its debut on Vanguard.
Glassnode data shows Bitcoin supply held by entities owning 100–1,000 BTC increased to 3.65 million, signaling bullish sentiment among high-net-worth investors (“sharks”). Economist Mohamed El-Erian noted that short-term technicals moved from negative to neutral, aided by Bitcoin stabilization and easing stress in Japanese bond yields, though long-term outlook depends on deepening stable institutional support.
From a technical perspective, BTC is forming an ascending triangle pattern on the daily chart, with higher lows pressing against resistance at $92,700–$94,000. A confirmed breakout could target $102,800, surpassing $100,000. RSI has rebounded from oversold levels, historically aligning with trend reversals. A pullback may test $88,000–$90,000, while a breakdown below the lower trendline could revisit $80,000–$85,000.
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