Bitcoin continues to hover below the psychologically important $90,000 level after another failed attempt to break higher, with price action now stabilizing around the mid-$87,000 range.
The latest pullback followed a rejection near $90,000, a zone that has repeatedly capped upside momentum over recent sessions.
Market participants note that the move lower was not a breakdown, but rather a controlled retracement toward an area where buyers have previously stepped in. According to commentary from market analyst Michaël van de Poppe, Bitcoin needed to revisit the $86,500 region to rebuild demand after upside liquidity dried up near resistance.
That level has so far held, reinforcing the view that the broader structure remains constructive despite short-term hesitation.
Holiday trading conditions are also shaping expectations. With liquidity thinner than usual, analysts are not anticipating aggressive moves in the immediate term. Instead, attention is shifting to the days ahead, when participation is expected to normalize.
Van de Poppe suggests that a renewed attempt at $90,000 could emerge over the weekend or early next week, potentially setting the stage for a breakout if momentum returns.
At the same time, on-chain signals are flashing a more cautious message. Data from CryptoQuant shows a decline in active Bitcoin addresses, pointing to reduced network participation and slower over-the-counter activity.
Historically, periods of falling address activity have aligned with consolidation phases, as traders wait for a clearer macro or liquidity catalyst before committing fresh capital.
Despite softer on-chain engagement, some analysts argue that the macro backdrop may soon become more supportive. Expectations of easing financial conditions and a potential rotation of liquidity away from commodities and into risk assets are fueling optimism.
In that scenario, equities could push toward new highs, with Bitcoin potentially benefiting from renewed risk appetite rather than organic on-chain growth alone.
For now, the market remains caught between weakening participation metrics and a technical structure that continues to defend higher lows. Whether Bitcoin can reclaim $90,000 may depend less on holiday price noise and more on how quickly liquidity returns – and where it chooses to flow next.
