$75,000 or $93,000, Where’s Bitcoin Price Heading Next In Near Term?

Bitcoin price has rebounded to $87,000 after crashing below $80,000 last week. However, bulls are lacking the confidence for a sustained breakout ahead.

The current setup has left investors uncertain about where BTC will move next. Investors are on edge, with some market experts predicting that another dip below $ 80,000 is imminent.

Bitcoin Price Tests Key Support

Over the last two days, the BTC price has been hovering around $87,500, awaiting a clear bullish breakout to the upside. Crypto analyst Crypto Patel reported that Bitcoin has filled the $88,600 fair value gap and is now trading below that range. According to Patel, market focus has shifted to the next critical levels that could determine BTC’s short-term direction.

Analyst Patel noted that if the Bitcoin price maintains the $85,000 support level, it could move toward the next bearish block, which stands at $93,000. He added that BTC holds a high probability of testing these levels.

However, Patel warned that failure to reclaim and break above $88,000 would increase the risk of a deeper correction. This could send the Bitcoin price all the way down to $75,000.

Another crypto analyst, Ali Martinez, has made a similar observation for BTC. Sharing an invested flag and pole pattern, he demonstrated how Bitcoin is trading at a crucial support level. “If this is a bearish flag, Bitcoin $BTC could be heading toward $79,000,” added Martinez.

Bitcoin Price: Liquidity Sweep and Funding Rates

Crypto analyst Ted Pillows noted that the Bitcoin price could be approaching its next liquidity levels from here. He added that BTC is showing increased downside liquidity in the near term, with notable liquidation clusters positioned in the $80,000–$83,000 range.

On the other hand, the upside liquidity for Bitcoin remains concentrated between $92,000 and $93,000. Pillows believes that BTC reclaiming $89,000 would likely trigger a move toward those higher liquidity levels.

However, he warned that if Bitcoin price loses the $85,000 support area, the market is likely to sweep downside liquidity first before any meaningful rebound occurs.

Moreover, analyst Pillows also pointed out that Bitcoin’s funding rate has turned negative, reaching its lowest level since the market bottom in June. He noted that during the previous occurrence, Bitcoin initially rallied 10% before declining 11%.

Thus, he noted that if a similar pattern follows, the Bitcoin price could once again dip under $80,000 before making a strong rebound to the $98,000–$100,000 range.

Bitcoin ETFs Bounce Back Again

After massive outflows last week, spot Bitcoin ETFs in the U.S. are showing of bouncing back again. The BlackRock Bitcoin ETF (IBIT) flipped into positive territory after nearly $2.2 billion in outflows so far in November.

This comes as the Texas state government announced $5 million investment into IBIT earlier this week. Speaking on this latest recovery, Bloomberg ETF strategist Eric Balchunas wrote:

$130m of inflows into the BTC ETFs yesterday, mitigating 1wk outflow to $600m and keeping the total departure to <5% of AUM. Boomers hanging tough in the face of a fire they didn’t start.

On the other hand, JPMorgan is introducing a structured Bitcoin-linked product for institutional clients, leveraging BlackRock’s IBIT ETF. The product is designed to deliver substantial upside if Bitcoin performs strongly in 2028, while incorporating built-in downside protections and predefined risk parameters