Bitcoin has recently broken above the $90,000 mark, but underlying on-chain data suggests this surge may be unsustainable. While a significant accumulation of Bitcoin at the $84,000 level provides strong support, current market participation remains limited. Weak spot demand and liquidity signals raise concerns about the price’s ability to hold its gains. The recent surge is primarily attributed to short covering within a dense cost-basis cluster around $84,000. This historically reliable support level has been bolstered by over 400,000 BTC accumulating in this zone. However, lack of active buying activity above this base indicates potential vulnerability as prices approach $90,000.