Bitcoin Reaches $92K While Selling Pressure Decreases, Demand Strength Remains Low

Key Highlights:

• Bitcoin markets in the region are making price progress but the fundamentals remain weak, with major control from long-term investors influencing supply dynamics.
• Flows into the spot ETF are beginning to stabilize, but blockchain activity continues to grow during the lower part of the cycle, indicating a slowdown in institutional capital flow.
• Price reports for Bitcoin and Ether are driven by direct demand and changing market sentiment, while precious metals benefit from high manufacturing data readings and expected rate cuts from the Federal Reserve.

Market Opening of the Day

The crypto landscape in the region opened with a more solid positioning for Bitcoin, but the overall tone still requires a stronger signal to be truly bullish. The latest market readings show a halt in the decline phase, but momentum for acceleration has yet to be seen. The combination of spot ETF flows, blockchain indicators, and derivatives market pricing all suggest a sideways consolidation pattern.

The U.S.-listed spot Bitcoin ETF recorded a $56.5M net inflow on December 9, reflecting the first stabilization after over $1.1B weekly outflows throughout November based on consolidated data. However, this is not yet enough to form a decisive trend.

On-chain metrics from advanced analytics support the narrative of a price recovery but with limited depth. While momentum indicators are rising, the cumulative buying pressure remains in negative territory. Derivatives positioning remains defensive, and blockchain transaction volume is at the lower quartile of recent ranges.

Supply-side composition shows why the market is vulnerable — short-term accumulators dominate the available supply, making the market sensitive to sudden price swings and technical rejections.

Analytical Takeaway: Stabilization, Not Growth

The trend should be read as a price recovery driven by relief rather than conviction. The 14-day momentum oscillator has returned to its midpoint zone, indicating Bitcoin has moved away from extended overbought readings from last week. However, the options market still shows traders paying premiums for downside hedges rather than positioning for explosive upside moves.

The crucial missing ingredient is long-term capital participation. The number of daily active addresses is at comparable levels to previous cycle bottoms, while realized capitalization growth remains at only 0.7% — a reading that signals weak influx of fresh institutional money.

Until on-chain participation metrics reverse and ETF flows become consistently positive, the expectation is continued range-bound trading rather than a directional breakout.

Price Movements Today

Bitcoin: BTC consolidates near $92,214 after a dramatic intraday reversal in the U.S. session, driven mainly by spot accumulation rather than leverage-driven rallies. Latest market data reports a price of $90.64K with -0.26% 24-hour change, indicating continued consolidation.

Ethereum: Ether touched the $3,296 zone with 6% daily gains, extending outperformance versus the broader crypto complex as short covering and improved risk appetite boosted large-cap token valuations. Current price is $3.11K with -0.09% 24-hour movement.

Gold: The precious metal remains comfortably above $4,200, supported by robust U.S. manufacturing data and market expectations for a 0.25% rate reduction from the Federal Reserve, though upside momentum remains limited ahead of Wednesday’s policy decision.

Regional Equities: Most Asia-Pacific bourses advanced as investors await China inflation readings and the widely-expected Fed rate cut, with Nikkei 225 up 0.82% in trading.

Additional Crypto Updates

• Do Kwon has been asked by a judge to provide additional testimony before the sentencing hearing regarding guaranteed prison time obligations (CoinDesk)
• Securitize has appointed a former PayPal senior executive as head of legal for its planned public listing via SPAC structure (The Block)