Bitcoin is approaching the $95,000 mark as it trades within the $93,000 to $94,000 range, following a significant drop in open interest from $45 billion to $28 billion due to a major long squeeze. JPMorgan has introduced a new structured product linked to BlackRock’s IBIT, promising returns up to 16% if certain price targets are met. Analysts suggest that surpassing $94,000 could propel Bitcoin towards $100,000, while a failure to do so might see it retreat to $88,000. The average cost basis for spot ETFs is around $79,000, with no significant selling from large holders observed. Market participants are closely monitoring the recovery of open interest and Bitcoin's performance at critical resistance levels.