Bitcoin's price has reached a critical point, facing resistance at $90,000 as trading activity diminishes. The cryptocurrency's apparent demand has turned negative, with a significant drop to -3,491 BTC, marking the lowest level since October 21. This decline follows a peak of approximately 18,700 BTC on November 26, suggesting a shift in market sentiment among traders and investors.
US buying interest appears to be waning, as reflected by the Coinbase Premium Index, which has decreased from 0.031 on December 11 to -0.08. This negative value indicates increased selling pressure from retail investors. According to analyst Mv_Crypto, the ongoing negative premium signals that caution is necessary for those considering bullish positions.
To initiate a new rally into 2026, Bitcoin must overcome the immediate hurdle at $90,000. Analysts believe that a resurgence in both retail and institutional demand is crucial for this breakthrough. Recently, spot Bitcoin ETFs have experienced substantial outflows, totaling $782 million last week, highlighting the current risk-averse sentiment among institutional investors.