Market Overview
Bitcoin trades near $92K, with its short-term direction influenced by wedge pressure and steady derivatives resets. Multi-week liquidations indicate significant leverage turnover, and while price stability masks deep positioning shifts, rising institutional interest is growing. This comes after reports revealed that Harvard boosted its Bitcoin exposure at a faster rate than its gold holdings.
Structural Compression in the BTC Chart
Bitcoin is trading at $92,153.82 as of writing, having gained 3.21% in the last day and 6.27% in the last week. A broad wedge pattern has shaped the multi-month movement of the cryptocurrency. The price is currently pressing against the descending trendline while forming higher lows on shorter timeframes.
This wedge reflects a gradual transition away from heavy sell-side pressure. While earlier phases of the market saw repeated lower highs, recent price action has shown steadier rebounds from support levels. This shift suggests that the market is working through a period of compression, awaiting a defined breakout.
The current projection indicates that the price is building a base before retesting resistance levels. This setup signals a slow recovery phase where the chart structure will guide the next significant move. Traders are closely watching the upper trendline as the key level for confirmation.
Leverage Resets Across BTC Futures Markets
Data on Bitcoin liquidations shows substantial turnover from November 23 to December 8. Long liquidations surged around December 1, as a sharp price dip forced leveraged buyers out of the market. A smaller wave of long liquidations followed on December 5, indicating that some buyers were still holding elevated risk.
Conversely, short liquidations were concentrated between December 2 and December 4. Upward price movements during this period helped to clear bearish positions, and these squeezes contributed to the gradual price rise observed in the market. This pattern reflects two-sided pressure while the market exhibits range-bound behavior.
Open interest remains concentrated on Binance and OKX, with both platforms showing over $11 billion in exposure. Volume readings place MEXC in the lead for trading volume, while Bybit shows the highest trade count. This broad activity indicates strong speculative interest despite stable spot market action.
Institutional Shifts Add New Market Context
A recent update on Harvard’s endowment holdings reveals that the institution now holds more Bitcoin than gold. The increase in Bitcoin exposure has outpaced the smaller rise seen in its gold allocation, suggesting a changing view on long-term defensive positioning.
Matt Hougan of Bitwise has noted that some institutions are now treating Bitcoin as a hedge that was previously reserved for gold. This shift is attributed to updated investment models shaped by new market conditions, with the faster growth in Bitcoin exposure reflecting a broader change in risk assessment.
Harvard’s move is particularly noteworthy due to its historically cautious investment approach. This update signals a growing acceptance of Bitcoin in long-range portfolios, forming a significant part of the wider narrative shaping institutional engagement with digital assets.