Insight: Bitcoin's Return to $90,000 Driven by Technicals, No New Catalyst Seen

BlockBeats News, December 29th, Presto Research's researcher Rick Maeda stated, "Bitcoin reclaims the $90,000 level, mainly driven by technical factors rather than any single new catalyst. The $90,000 level was once a clear resistance level, and once Bitcoin reclaims it, it is likely to trigger short covering and momentum-driven buying pressure."

Vincent Liu, Chief Information Officer of Kronos Research, also expressed a similar view, stating that Bitcoin, after a period of consolidation, rebounded at a technical support level, with the "key price level now turned back into a support level."

Andri Fauzan Adziima, Head of Research at Bitrue, stated that Bitcoin's upward momentum reflects a technical relief brought by options expirations and the altcoin dominance correlation. He also added that over $1 billion in ETF outflows related to tax-loss harvesting and broader de-risking have dragged Bitcoin, which in December has been "largely fluctuating in the range of $86,500 to $90,000." (The Block)