Bitcoin hits a wall at $90,000 USD on the line, traders are closely watching whether the $86,000 USD support can hold.

As the Asian trading session begins, Bitcoin once again encounters resistance around the critical $90,000 region. The latest data shows BTC at $90.69K, just a step away from the 24-hour high of $92.52K, but selling pressure remains resolute, causing the price to retreat to around $87,900. This repeated tug-of-war has led analyst Michaël van de Poppe to candidly state: “Bitcoin is repeatedly testing the key resistance zone, forming a range-bound oscillation.”

Why Does the $90,000 Level Fail Repeatedly?

From a technical perspective, the $90,000-$92,000 threshold has become a hurdle for the bulls. Historical trends indicate that whenever BTC approaches $90,000, a series of lower highs emerge, suggesting that breaking through $100,000 in the short term is not easy. Van de Poppe points out that this is not necessarily a “bad signal,” but it does indicate that the market needs to re-accumulate momentum.

On the technical details, charts across multiple timeframes tell the same story: selling pressure is concentrated in this area, leading to repeated rejection on the daily chart. This has led many chartists to believe that Bitcoin is currently in a typical “range-bound” state — neither clearly in a downtrend nor establishing a sustained upward momentum.

$86,000: The Bulls’ Last Line of Defense

A more critical question is: can the support at $86,000 hold? Van de Poppe emphasizes that the market is clearly trying to defend this level. If it breaks, the next visible support will be around $80,000 — a level that previously served as a double bottom in 2025, resonating with historical significance.

Traders generally believe that the success or failure of the $86,000 support will determine the near-term bullish or bearish trend. If support holds strongly, a new attempt to breach the $90,000-$94,000 resistance zone could ensue; otherwise, the market may test lower levels to find a new equilibrium.

How Institutional Retreats Are Changing the Game?

One of the behind-the-scenes factors behind Bitcoin’s recent struggles is the change in institutional behavior. The large buyers that previously propelled BTC to October highs have slowed down. The most notable example is MicroStrategy (MSTR), which recently raised significant funds through stock financing but has paused new direct Bitcoin purchases. This move has caused ripples in the market — the once-strong buyers have suddenly gone quiet, effectively removing an important support force.

Meanwhile, corporate treasury managers are quietly pulling liquidity through various balance sheet operations to meet cash needs. This phenomenon has led some traders to interpret it as “someone suppressing Bitcoin’s gains,” but mainstream analysis typically attributes it to more routine factors: profit-taking, ETF net inflows slowing, and year-end liquidity tightening.

Divergence Signals Between Gold, Stocks, and Crypto

Interestingly, stocks and precious metals are performing strongly while cryptocurrencies lag behind. This divergence warrants deep thought — it may reflect a market reassessment of risk preferences across different asset classes. From a macro liquidity perspective, 2025 has been like a roller coaster for Bitcoin: repeatedly hitting new highs only to face intense selling pressure, increasing uncertainty at year-end. The seasonal liquidity crunch in traditional markets further amplifies price volatility.

How Does Wall Street View the Outlook?

Opinions vary widely. Wall Street institutions like Citibank still paint an optimistic picture for next year, expecting that if ETF net inflows resume, Bitcoin could reach much higher levels. But all of this hinges on key support levels holding and institutional investors being willing to re-enter.

In the short term, the market may swing back and forth under the tug of two forces: on one side, technical traders waiting for the $86,000 support to confirm a rebound; on the other, sellers ready to test lower levels around $80,000 if support fails. Van de Poppe’s comments serve as both a reminder and reassurance: although rejection at key resistance zones is frustrating, the short-term cycle structure remains constructive, and it’s far from a pessimistic outlook.

As the year-end holidays approach, market participants should prepare for increased volatility. During days with thin liquidity, Bitcoin is likely to see sharp intraday swings. The key is to closely guard the $86,000 support — it will determine whether the market fights again for higher levels above $90,000 or needs to fall back to $80,000 to find a new balance.