Market tension ahead of the December period: Bitcoin unusually maintains its position near $90K

Key points - Large players are maintaining their positions, waiting for macroeconomic signals before the end of the year. - Institutions are accumulating small lots, forming a market bottom. - The most critical resistance zones are located between $93-96K and $100-108K.

Current Bitcoin Situation

Bitcoin BTC $90 310 24-hour volatility: 0.87% Market capitalization: $1.80 T 24-hour volume: $775.47 M

Over the past month, the digital asset has lost about 18% of its value, yet it unusually remains above the psychological mark of $90 000. Despite bearish market sentiment, on-chain analysts observe a specific behavioral pattern: large holders are in a phase of observation.

CryptoQuant reports a paradoxical situation — the biggest players have suffered significant losses on their positions but are not actively selling or buying new assets. Historically, this scenario precedes the formation of a market bottom and the emergence of new growth cycles.

Accumulation Under Caution Mask

Data on capital movements indicate a gradual accumulation of Bitcoin by institutional players, but volumes remain limited. Large funds demonstrate maximum caution when expanding their positions, waiting for confirmation of macroeconomic conditions before activating.

Despite widespread fear among traders, Bitcoin’s market capitalization remains above $1.8 trillion. This phenomenon indicates that institutional buyers are gradually absorbing supply and creating price support at lower levels.

According to Glassnode, the most critical clusters of funds, where active resistance can be expected, are located in the ranges of $93 000-$96 000 and $100 000-$108 000. Heat maps confirm dense accumulation of coins between $94 000-$98 000 and $101 000-$118 000 — historically, these are zones where the biggest rebounds and sell-offs begin.

Massive Activity of Large Players at the Bottom

Research by analyst Murphy revealed unusual buying: a large cluster of about 950,000 BTC appeared in the price corridor of $84 000-$85 000. After excluding technical transfer operations by Coinbase of 550,000 BTC, the remaining volume of approximately 400,000 BTC represents real circulation.

This figure indicates extensive activity at the level of the largest market participants — they indeed increased their positions at minimal levels even as prices continued to fall. Heat analysis of CBD (Cost Basis Distribution) shows clear chronological and price markers of changes in asset distribution, confirming targeted accumulation.

Market Rigidity Before New Year Volatility

According to Matrixport, recent days have seen a significant decrease in market volatility, and sentiment is fragmented. However, Bitcoin continues to trade below historical corridors, which traditionally show strong resistance.

Market structure is steadily tightening: seller pressure is diminishing, institutions are gradually accumulating assets, and the largest players are waiting for a transformational catalyst that will change the dynamics. Until such a catalyst appears, the market will remain in a calm mode, maintaining price support around $90K.

For context: November could quite possibly be among the three worst months for Bitcoin in the last five years. The only worse periods were those following the massive rally of 2021 and the synchronized all-time high of that year.