Bitcoin is currently trading above two key resistance levels — the 111-day Simple Moving Average (SMA) at $91.3K and the short-term holder realized price at $93.2K.

Back in October 2024, BTC reclaimed this range after a 3-month downtrend, marking the beginning of a trend reversal. However, caution is warranted — this move could turn out to be a fakeout, much like what occurred in July 2024, where BTC briefly surged before falling back below support.

For a confirmed reversal, Bitcoin needs to hold above these levels for several weeks. Until then, a drop below $92K remains a real possibility.