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

**Bitcoin Hits $90k but Momentum Fades Amid Weak Demand, Cooling On-Chain Activity** As of December 29, Bitcoin rebounded to $90,000 heading into year-end—but momentum has slowed amid insufficient demand and weakening on-chain activity. Analysts note a new uptrend in early 2026 is only possible if BTC reclaims $90,000 and demand recovers. Data shows Bitcoin’s **apparent net demand** (market buy volume minus new sell supply) has turned negative, dropping to ~-3,491 BTC—its lowest level since October. This reflects risk aversion in the market during the year-end period. Meanwhile, the Coinbase Premium Index (a gauge of U.S. investor sentiment) has fallen to -0.08, signaling U.S. selling pressure hasn’t subsided yet. Analysts warn long positions should stay cautious until this indicator improves. On the institutional front, Bitcoin spot ETFs saw **net outflows of ~$782 million last week**, further confirming a pullback in institutional risk appetite. The market views a return to net inflows for ETFs as a key signal for a potential market restart. In price structure: BTC is currently holding above its $84,000 support level but has been rejected four times near $90,000 since mid-December. Analysts say a **valid breakout above the $90k–$92k range** would reignite uptrend momentum. Technically, some analysts spot a potential **hidden bullish divergence on the monthly chart**: a monthly close above $90,300 would reinforce the bullish structure, and if the breakout pattern holds, subsequent targets could point to $122,000.