Bitcoin hovered near the $90,000 level at year-end, but momentum cooled as demand waned and on-chain activity softened. A decisive reclaim of the $90,000 threshold paired with improving demand could signal a fresh uptrend entering early 2026.
On-chain demand, defined as market buy pressure minus new sell supply, turned negative at roughly -3491 BTC, the weakest reading since October, underscoring a risk-averse backdrop into year-end.
Coinbase premium index at -0.08 shows US selling pressure persists; institutional demand remains cautious. Bitcoin spot ETF outflows around $782 million last week reinforce tighter risk appetite, with a return to net inflows seen as a potential catalyst.
From a price-structure view, BTC stays above the $84,000 support but has been rejected near $90,000 multiple times. A decisive break of the $90k–$92k zone could renew momentum, with a monthly bullish divergence hint supporting a target near $122,000.