Analysis: Bitcoin Fails to Hold $90,000 Level, New Year Rally Awaits Demand Recovery

BlockBeats News, December 29, Bitcoin rebounded to $90,000 at the end of the year, but momentum slowed down due to insufficient demand and weakening on-chain activity. Analysis pointed out that only if BTC reclaims $90,000 and demand recovers, could a new round of uptrend in early 2026 be possible.

Data shows that Bitcoin's apparent demand (market buy demand − new sell supply) has turned negative, dropping to around -3491 BTC, the lowest level since October, reflecting a risk-averse market during the year-end period. At the same time, the Coinbase premium index, which measures U.S. investor sentiment, dropped to -0.08, indicating that selling pressure in the U.S. has not yet subsided. Analysts warn that long positions need to remain cautious until this indicator warms up.

On the institutional front, Bitcoin spot ETF saw a net outflow of about $782 million last week, further confirming the decrease in institutional risk appetite. The market believes that if ETF funds return to net inflows, it would be a key signal for the market to restart.

In terms of price structure, Bitcoin is currently holding above the $84,000 support level, but has been rejected around $90,000 four times since mid-December. Analysts point out that once the price effectively breaks through the $90,000–$92,000 range, the uptrend momentum is expected to resume. On the technical side, some analysts have observed a potential hidden bullish divergence on the monthly chart, believing that if the monthly closes above $90,300, it will reinforce the bullish structure; if the breakout pattern is established, subsequent targets may even point to $122,000.