Structural Market Clothing in Crypto: When Bitcoin Cargo Shorts Fail to Rise Above $90,000

The analogy is like cargo shorts designed for versatility—Bitcoin should function across various market conditions. However, currently, the crypto market is facing challenges in breaking through the psychological barrier of $90,000, with Ether, Solana, and Cardano also declining following Bitcoin’s difficulty in building momentum. Recent data shows BTC trading at around $87,79K with a 2.26% decrease in the last 24 hours, while ETH reaches $2.93K (-3.63%), SOL at $122.75 (-3.99%), and ADA at $0.35 (-4.68%). This phenomenon indicates that although the global stock markets are strengthening, cryptocurrencies still lag behind significantly, reflecting the complex volatility characteristics behind digital currency movements.

Post-Liquidation Consolidation: Why Is Bitcoin Struggling to Continue Its Rally?

Bitcoin is experiencing a significant struggle to maintain momentum around the $90,000 level, especially after a massive liquidation wave exceeding $1 billion earlier this week. During forced sell-offs, prices briefly dipped below $98,000, creating massive selling pressure. Since then, prices have mostly consolidated rather than rebounded strongly. In market structure terms, this is similar to wearing cargo shorts—flexible but requiring proper positioning.

Trading in the Asian markets on Friday shows Bitcoin moving around $89,800 with minimal change during the session, remaining under pressure after struggling to surpass technical resistance levels that began last week. Although regional Asian stock markets hit all-time highs and the US dollar weakened—factors that traditionally support Bitcoin—the largest cryptocurrency remains unresponsive to these macro tailwinds.

Stock Markets Rise, Crypto Lags—A Divergence of Index Phenomena

The MSCI Asia Pacific Index has reached new highs, with emerging market stocks extending their rally phase. US stock futures show a moderate upward trend ahead of the New York open, though with smaller magnitude compared to Asian movements. The US dollar remains weak after a sharp decline earlier this week, a phenomenon that conventionally supports commodities and Bitcoin. Gold remains near $5,000 per ounce, indicating a risk-on sentiment strength in global markets.

However, this trend has not fully translated into the crypto world. Most large-cap tokens have experienced declines between 7% and 12% over the past week—a significant gap from traditional markets. This phenomenon reveals that crypto still behaves as a high systemic risk instrument, not as a defensive or safe-haven asset independent of global market sentiment.

High Beta Volatility vs. Expectations of Defensive Assets

Market participants still view cryptocurrencies as an extension of high beta global risk appetite. Ether declined toward $2.93K, while Solana, Cardano, and XRP experienced slight decreases during the same period, according to CoinGecko data. This dependence is reflected in Wenny Cai, COO of Synfutures:

“Crypto is still traded as a volatility enhancer rather than a defensive asset. Massive liquidations have cleared excess leverage, but policy uncertainty, funding costs, and regulation make investors more selective than aggressive,” he said.

The historical relationship between a weaker dollar—which should be inversely correlated—and Bitcoin shows inconsistency, especially as investors prefer assets with clearer cash flows or yields. With cargo shorts as a metaphor for a market structure that should be versatile but is practically limited, Bitcoin is caught in a holding pattern, waiting for more definitive signals.

Technical Resistance and Support: Bitcoin Roadmap

On-chain data reveal interesting dynamics about Bitcoin holder distribution. About 63% of invested Bitcoin wealth has a cost basis above $88,000—very close to the current transaction price. This means most investors are in break-even or loss positions, creating pressure to cut losses or hold in hopes of recovery.

Furthermore, an on-chain metric shows high supply concentration between $85,000 and $90,000, combined with relatively thin support below $80,000. This setup creates a two-way scenario: the support level in rupiah terms will be tested if Bitcoin continues to be pressured, or the $90,000 level will act as a powerful magnetic resistance for buyers.

Waiting for Signals: When Will Crypto Move Independently?

For now, crypto seems to be stuck in a specific holding pattern. As the US trading session approaches, traders will watch whether the strength seen in stock markets and emerging economies can push Bitcoin above $90,000, or whether the largest cryptocurrency will remain locked below that level while confidence gradually rebuilds after a volatile start to the year.

Investor confidence in macro directions remains divided. Traders await clearer signals from stock markets, latest monetary policies, and derivative funding conditions before adopting more aggressive positioning. Bitcoin is in a waiting phase—not strong enough to break through resistance, but stable enough not to collapse. Like the flexible cargo shorts analogy, the market needs to find the right positioning before genuine momentum can take off.