Bitcoin ( BTC ) heads into the end of February in an uncertain mood — can bulls avoid a fresh $90,000 dip?

Liquidity is piling up on either side of the spot price as Bitcoin limps around an increasingly tight trading range.

US inflation data is due, including the Fed’s “preferred” index, as stagflation woes deepen.

Gold looks set for yet another all-time high, while US dollar strength seeks a turnaround from weeks of downside.

Bitcoin implied volatility is sinking to levels rarely seen in its history.

Market sentiment is bad, and as network activity drops, analysis warns of trouble brewing.

Traders map out BTC price support toward $90,000

Bitcoin remains stuck in a narrow range, data from Cointelegraph Markets Pro and TradingView shows, after the Bybit hack crushed last week’s attempted upside breakout .

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

The potential for a fresh push by both bulls and bears, however, is there — as depicted by current liquidity conditions on exchange order books.

“Now we can see in the liquidation levels that the liquidations are equal to the downside or upside,” popular trader CrypNuevo wrote in a thread on X on Feb. 23 while discussing the outlook for the week.

“Perhaps more to the upside considering price is in a LTF downtrend. $94.7k $92.5k are key.”

Bitcoin liquidity data for Binance. Source: CrypNuevo/X

Fellow trader Roman was less optimistic, eyeing a return to the bottom of the multimonth trading range.

“So many failed attempts to move up with a major lack of strength,” he told X followers.

“Just seems like 90k support touch is coming. This invalidates if we break 98.4 with a close above. Range is very tight so I’m expecting a quick move.”

On weekly timeframes, meanwhile, trader Luca eyed an incoming test of Bitcoin’s bull market support band.

This area, formed by two moving averages, had functioned as support since early October when BTC/USD broke through previous all-time highs at $73,800.