Bitcoin Breaks $73.5K Resistance; Will $90K Become Next Target In This Rally?

• Bitcoin has broken above the $73.5K resistance after two months of support defense.
• Analyst zerohedge claims that the leading cryptocurrency is now eyeing a path toward $90K.
• The rally is driven by spot demand as Binance open interest drops from $1.9B to $1.19B.

Bitcoin has cleared a key level that held for months, and prices moved above the post-October resistance near $73,500 after defending lower support for nearly two months. In the last 24 hours, BTC pushed past $74,000 as weekly gains now exceed 8%.

A market update from Zerohedge flagged this move as a clean breakout. The analyst added that if this level holds, the next target sits near $90,000. The level marks the next major supply zone from the prior distribution.

The previous resistance is now supported, and the market has a clear upside path if buyers defend this zone.

Spot Demand Drives the Rally

Data from CryptoQuant shows that Bitcoin climbed from $63,000 on February 5 to around $73,200 by February 14. At the same time, Binance’s open interest dropped sharply.

The 30-day average of BTC-USD open interest on Binance fell from $1.9 billion to $1.19 billion during this rally. This is a divergence with prices going up and leverage dropping.

Source: CryptoQuant

It is clear now that spot buying is leading. Futures traders are not driving this move. Instead, short positions are getting closed, which adds to buy pressure without adding risk.

Lower leverage reduces the chance of forced liquidations. But for a sustained trend toward $90K, new positions in derivatives need to come back. Without that, upside continuation may slow.

Related: Strategy Buys 13,927 BTC For $1B, Holdings Near 781K BTC as Yield Hits 5.6% YTD

Selling Pressure Exists, But Weak

CryptoQuant data also shows that selling is still present but lacks strength. The aSOPR metric stayed below 1.0 for 22 of the last 30 days. It now sits at 0.995. That means most coins are moving at a loss or near break-even.

The LTH-SOPR to STH-SOPR ratio tells the same story. The 30-day average is 0.99, with 24 days below 1.0. Long-term holders are not taking profits at a premium over short-term holders.

Source: CryptoQuant

There was a spike in this ratio on April 5, which failed to hold. Over the next 7 sessions, the ratio dropped below 1.0 on 6 days before a bounce to 1.27. It implies that there is no strong distribution from long-term holders.

Risk Drops, But Trend Not Confirmed

Swissblock data adds that the Bitcoin Risk Index has moved into low-risk territory for the first time since mid-March. Now, the buyers are gaining ground.

However, the trend is not fully secure. For full bullish control, the risk level must stay near zero within this low-risk range. Right now, BTC is still in a recovery phase and not in a confirmed bull rally.

Related: BTC vs ETH vs XRP: Which Crypto Shows the Strongest Bullish Signals in April 2026?