Behind the $90,000 Bitcoin threshold: Why are on-chain data, sentiment, and technical analysis all signaling buy signals at the same time?

【Blockchain Rhythm】As Bitcoin hovers above $90,000, on-chain and market sentiment indicators are sending positive signals. Whether this critical support level can hold is becoming a watershed for judging the future market direction.

From the mining perspective, the Hash Ribbons indicator reveals the true intentions of miners. This tool, based on the 30-day and 60-day moving averages of hash rate changes, has historically issued buy signals multiple times after miner capitulation and before significant price rebounds. Current data shows that the miner surrender phase is coming to an end, and the recovery phase has already begun. Institutional analysts point out that this is “one of the strongest Hash Ribbons signals recorded,” indicating that the forced selling wave is nearing its end. From an investor’s perspective, this price range has become a “long-term buying opportunity.”

Sentiment is also improving. The 30-day moving average of the Fear and Greed Index has crossed above the 90-day moving average, forming a “golden cross.” This pattern often appears after long-term panic and within a price compression zone, historically signaling a rally in the following weeks.

Returning to the price structure, $90,000 has become a decisive level. BTC is currently trading between $90,000 and $92,000, a position corresponding to the important lower boundary of the 4-hour 200 MA and weekly chart pattern. As long as $90,000 holds, the bulls remain in control, and the price is expected to continue upward. However, if the weekly chart effectively breaks below this level, BTC could fall back to the $80,000–$85,000 range, with further support near $74,500 and the 200-week moving average.

Overall, the synchronized improvement in on-chain data, sentiment, and technical indicators makes $90,000 a key threshold for determining Bitcoin’s short- to medium-term trend. The market is waiting for a breakthrough at this critical level.