$90,000 Battle: Bitcoin is Searching for the Next Upward Stage

Currently, the price trend of Bitcoin (BTC) is attracting the attention of market participants. As it continues to hover around the $90,000 level, short-term price volatility and uncertainty are making investor decisions more difficult. It is necessary to analyze this situation from both technical and fundamental perspectives.

Institutional Investors and ETFs as Drivers

Fundstrat analyst Tom Lee remains optimistic about the current Bitcoin market. He believes that multiple factors—such as improved liquidity conditions, increased participation by institutional investors, and further clarification of regulatory frameworks—are supporting the recovery of digital assets.

Of particular note is the increased liquidity of Bitcoin ETFs (Exchange-Traded Funds). Lee analyzes this as a catalyst that could shift the market from mere speculative trading to mainstream asset adoption. In fact, Fidelity’s FBTC (Fidelity Wise Origin Bitcoin Mini Trust) has recorded an inflow of approximately $7.9 million, indicating active institutional fund movement.

Meanwhile, data from Coinglass shows that withdrawals from U.S. spot Bitcoin exchanges have totaled $250 million for four consecutive days, suggesting that market participants are strengthening their long-term holdings.

Technical Analysis: The Battle Around $90,000

From a technical standpoint, several support levels are underpinning Bitcoin’s current price movement.

On the daily chart, the 50-day Simple Moving Average (SMA) is functioning around $89,389, indicating a short-term bullish trend. The fact that investors are maintaining positions above $90,000 suggests this level is acting as a support zone.

Further down, Fibonacci retracement levels at 0.382 (around $89,015) and 0.5 (around $87,340) are likely to serve as immediate support levels. The Relative Strength Index (RSI) is in a consolidation phase around 50, currently at 50.99, indicating a tug-of-war between buyers and sellers.

Bullish Scenarios and Downside Risks

In a bullish scenario, Bitcoin could target zones around $94,660 and $98,898. If the 50-day SMA continues to provide stable support, it could pave the way for a sustained upward trend.

Conversely, if selling pressure persists and prices break below $90,000, BTC risks falling below $89,000. In this case, Fibonacci levels may act as emergency support, potentially mitigating a sharp decline.

The current Bitcoin market is in a correction phase after reaching a peak of $126,000 in early October. Factors contributing to this include global financial instability and reduced activity from institutional investors during the holiday season. However, recent signs of improved regulatory environments and inflows of institutional funds are fueling expectations of a new upward phase.

Multiple support levels indicated by technical indicators, along with increased liquidity from institutional investors, are helping Bitcoin hold its ground around the $90,000 level. Moving forward, how the battle around this critical price zone unfolds will significantly influence the market’s next direction.