Bitcoin Hits $90,000—But Rally May Not Last Through Holidays
Bitcoin reached an eight-day high of $90,353 before retreating slightly below $90,000, up 2.2% on the day. This surge appears driven mainly by speculative futures trading rather than robust spot market demand, as indicated by a divergence between rising futures volume and declining spot volume. U.S. investor enthusiasm remains muted, with negative “Coinbase premium” levels and continued net outflows from U.S. spot Bitcoin ETFs. Aggregate open interest has also declined since late November, while repeated rejections above $90,000 signal persistent selling pressure. The only significant institutional inflow came from Digital Asset Trusts, which posted their strongest week since September—mainly in response to Federal Reserve decisions—yet this alone has not shifted the broader market trend. Trading remains within a consolidation range of roughly $85,000 to $95,000, with no clear directional bias expected until mid-January, when clarity over corporate treasury Bitcoin holdings and index inclusion emerges. Near-term forecasts suggest continued range-bound trading, supported by the possibility of renewed institutional inflows and upcoming regulatory developments.
