After a significant downturn that brought Bitcoin’s price to below $84,500, the cryptocurrency has seen a surge in value, reaching new highs of over $92,000. This recovery follows a period of uncertainty marked by market instability and the potential for a deeper correction. Despite short-term gains, key indicators suggest that Bitcoin remains vulnerable to macro factors, with some analysts even highlighting similarities with the early 2022 bear market. Bitcoin’s price has stabilized above the crucial True Market Mean ($96,100), which provides support and acts as a potential bottom for further recovery. This comes despite persistent underwater supply (more than 7.1 million BTC remaining at a loss) and declining capital flows. Although ETF flows have turned negative after experiencing positive momentum earlier in the year, Bitcoin’s price remains under pressure from institutional investors who are adopting a cautious approach. The upcoming Federal Reserve decision may influence the market trajectory, as investors attempt to gauge whether to capitalize on current prices near $92,000 or maintain a wait-and-see stance. The next few weeks will be crucial in determining if Bitcoin can break above resistance levels and establish a sustainable upward trend.