Bitcoin (BTC) surged to $90,600 on Wednesday, only to see those gains wiped out following the US Federal Reserve's decision to maintain interest rates. Traders are now focused on a potential move to $93,500, a critical liquidation zone that could trigger significant market activity. According to Cointelegraph, over $4.5 billion in leveraged short positions are at risk if Bitcoin approaches this price point. Analyst Mark Cullen highlighted the $93,500 level as a prominent target, noting it’s like a 'Come get me!' signal on Bitcoin’s exchange liquidation map.

Despite this potential for rapid price shifts, underlying demand appears weak. The Coinbase Bitcoin premium is negative, indicating that US spot demand isn't keeping pace with the futures market surge. This suggests the current rally is more about leverage than solid buying from American investors.

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Crypto analyst Leo Ruga pointed out that various risk indicators are still in 'risk-off' territory, suggesting that market stress remains. For a sustained recovery, selling pressure needs to ease, and without a significant shift in the Whale Ratio—currently neutral—market volatility may continue without a clear direction.

Traders should remain cautious. The potential for liquidation-driven volatility at $93,500 is real, but the lack of strong spot demand and ongoing risk signals could temper any bullish momentum.