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Spot demand and long-term holders support bitcoin as it eyes $90,000

Bitcoin is entering a phase in which the market is again testing the possibility of breaking above $90,000, as accumulation by long-term holders has risen by more than 10 percent over the past three trading days. It is trading around $76,000 after confirming resistance near $78,380 last week. Spot demand, rather than derivatives, is in focus, with open interest and funding rates moving toward neutral while on-chain indicators point to long-term holders absorbing supply.