TL;DR:
- Bitcoin nears historical levels from before the FTX collapse, prompting caution.
- Major holders are adjusting positions, with increased on-chain activity.
- Key supports at $90K–$92K indicate potential opportunities and volatility risks.
Bitcoin is once again in the spotlight, approaching extreme levels reminiscent of the pre-FTX era. The market shows a mix of cautious optimism and volatility, with traders assessing whether these levels will hold as firm support or signal deeper corrections ahead.
btcusd is beyond 3.5 standard deviations from its 200dma
other occasions:
Nov 2018
Mar 2020
Jun 2022— mekhoko (@MEKhoko) November 20, 2025
BTC Approaches Key Historical Zones, Sparking Caution
After weeks of sideways consolidation, Bitcoin has reached prices that echo the days before the FTX collapse. Analysts highlight that the current level reflects accumulation by major players while retail investors watch closely. This proximity to historical extremes has sparked debate over the trend’s sustainability and potential overbought conditions.
The price remains around $92,000, with high exchange activity and trading volumes suggesting continued interest from long-term holders. Experts warn that, while market capitalization remains strong, volatility could intensify quickly if an unexpected sell-off occurs.
On-chain data shows increased Bitcoin transfers from major wallets, indicating that institutional investors are active and possibly adjusting positions in anticipation of these extreme levels. Some analysts compare this activity to patterns before the FTX collapse, where large-player accumulation preceded a major market shift.
Meanwhile, technical indicators such as moving averages and historical resistance levels show that bulls are still defending key positions, attempting to consolidate the $90,000–$92,000 band as solid support. Potential double-bottom structures could offer strategic opportunities, although they depend on sustained daily closes above this range.
Market sentiment remains mixed, with retail traders showing caution and institutions poised to capitalize on sharp movements. Recent history and current levels suggest the focus should be on critical supports and accumulation signals, as any imbalance could trigger new waves of volatility.
