Bitcoin Holds $91K as XWIN Index Signals Mild Uptrend

XWIN Research Japan’s Trend Index has printed a ‘mild uptrend’ score of 72/100, indicating a constructive market setup rather than a blow-off phase. This comes as Bitcoin holds near the $91,000 mark, consolidating in the high-$80,000 to low-$90,000 band after dropping from around $99,500 to approximately $86,500 over 11 days. The current price remains above critical support levels, including the ETF average cost near $82,000 and the short-term holder cost basis around $85,500, providing technical underpinning for the positive bias.

According to XWIN’s analysis, real demand and liquidity still support a positive market outlook, even as overheated retail participation and thin liquidity conditions mean prices can swing sharply in either direction. The broader market data shows that $130 billion was added to Bitcoin’s overall value as it began pushing toward $92,000, reflecting underlying strength despite the volatile trading environment. The index’s position in the 60-79 ‘mild uptrend’ zone suggests measured optimism rather than speculative excess.

On-chain data cited by XWIN reveals that holders with more than 10,000 BTC have returned to net accumulation, signaling renewed confidence among the largest market participants. This whale activity is complemented by steady buying across wallet sizes, from 1,000-10,000 BTC cohorts down to those holding less than 1 BTC, indicating broad-based accumulation. Simultaneously, net outflows of 3,959 BTC from centralized exchanges over the past 24 hours suggest reduced selling pressure and stronger holding patterns.

Corporate Bitcoin adoption is shifting from a side note to a central theme in the asset’s investment case, with data from Cointelegraph showing the world’s top 100 listed firms now hold over 1,058,000 BTC. This substantial corporate treasury allocation represents a fundamental shift in how institutions view Bitcoin, providing a solid foundation for long-term price appreciation. The combination of whale accumulation and growing corporate holdings creates a supportive structural backdrop for Bitcoin’s valuation.

Despite the positive technical and fundamental indicators, market sentiment remains cautious. The Crypto Fear & Greed Index sits at just 22, reflecting persistent investor anxiety. Traders are closely watching a significant options expiry event, with 147,000 BTC contracts worth $13 billion set to mature on November 28, which could introduce substantial short-term volatility. This looming event creates uncertainty despite the overall constructive market setup.

The market has already undergone significant deleveraging, with the largest futures open interest wipeout of the cycle reducing positions from approximately $45 billion to $28 billion. This flushing of leveraged excess has left spot demand in better shape, creating a healthier foundation for price movement. Key technical levels are in focus, with XWIN suggesting a break above the $93,000 to $94,000 resistance band could propel Bitcoin toward the symbolic $100,000 mark, while a drop below the $85,500 support could test further lows.

While Bitcoin shows resilience, altcoins continue to lag significantly behind. November’s market wipeout left many major alternative cryptocurrencies down as much as 50% from recent highs. However, analysts note that capital is building in stablecoins ahead of a potential rotation, suggesting that altcoins may eventually catch up once market conditions stabilize and confidence returns to the broader crypto ecosystem.

Ethereum is showing early signs of recovery, trading back above $3,000 amid network improvements including a raised block gas limit and growing adoption of tokenized money market fund pilots on-chain. XWIN Research believes the world’s second-largest cryptocurrency may be entering the early stage of a new upswing, potentially leading a broader altcoin recovery if Bitcoin’s stability persists. These developments in the Ethereum ecosystem represent important secondary indicators for the overall health of the cryptocurrency market.