Bitcoin's Return to $90,000: Has the Bear Market Era Ended?

In recent days, Bitcoin (BTC) has made a strong comeback, surpassing the $90,000 mark, a price level that carries significant psychological and technical implications for investors and traders alike. With this rise, questions have arisen in financial circles about whether the (Bear Market) is behind us, or if this wave is just a temporary rebound before testing lower support levels.
Caution Indicators Despite the Rise
Although Bitcoin reached its highest level in three weeks and broke through the $90,000 barrier, data from (Derivatives) markets and (Spot ETFs) fund flows indicate a cautious stance among major traders. According to technical reports, the "Basis Rate" (Basis Rate) in futures contracts remains below the neutral level, reflecting a lack of full confidence among "Bulls" (Bulls) in the continuation of strong short-term bullish momentum.
Challenges to Continuity
One of the main reasons for this caution is global economic uncertainty, along with the continued outflow of liquidity from Bitcoin exchange-traded funds. Analysts also note that demand for "leverage" (Leverage) remains low, meaning that the current rally is driven more by natural market movement than by a price explosion caused by high-risk speculation. This calm in the derivatives market can be a double-edged sword; it protects the market from rapid crashes caused by liquidations, but at the same time indicates a lack of massive buying power needed to break through the $95,000 and $100,000 levels.
Options Market and Risk Hedging
Looking at the (Options) market, we find that professional traders are still demanding higher premiums to hedge against downside risks. This behavior is technically called "Put-Call Skew," and currently does not give overly optimistic signals but leans toward cautious neutrality. In other words, "whales" and market makers are not in a panic, but they are also not willing to bet heavily that the rally will continue without correction.
Summary: Are We in a Safe Zone?
The answer lies in Bitcoin's ability to turn the $90,000 level from "resistance" into strong "support." The price history of the leading cryptocurrency tells us that confidence is built slowly after long periods of volatility. While some technical models suggest we may be in a "calm before the storm" bullish phase, a definitive breakout of the bear market requires sustained institutional buying flows and macroeconomic stability.
Ultimately, the $90,000 level remains the current "pivot point"; staying above it opens the door to new all-time highs, while failure to hold it could lead us back to test the $85,000 levels again to clear weak positions before the real breakout.