Bitcoin's $90,000 Battle: On-Chain Signals Indicating Bullish Confidence and Technical Challenges

Bitcoin exchange reserves have rapidly decreased to a multi-year low of 2.75 million BTC, indicating continued accumulation by market participants and easing selling pressure. This on-chain indicator supports a medium-term bullish scenario, and its importance is increasing as we approach the first quarter of 2026.

Technical Analysis: Perspectives from Multiple Timeframes

Daily Chart Perspective

BTC remains within a descending channel, with the $90,000 level acting as a short-term price ceiling. The 100-day and 200-day moving averages are positioned above $95,000, serving as significant dynamic resistance zones that buyers have yet to reclaim.

The Relative Strength Index (RSI) shows an upward trend but remains around neutral territory, suggesting room for upward movement. The concern here is that the $90,000 zone and the upper boundary of the descending channel have repeatedly rejected price advances. If this level cannot be broken upward, a retest of the support zone around $80,000 is expected to continue.

4-Hour Chart for Short-Term Movements

On shorter timeframes, BTC continues to consolidate within a short-term channel, with the $90,000 level at the midpoint of this channel. Multiple rejections from this price range indicate the formation of an upper boundary within the mid-range. Simultaneously, a gradual higher low formation suggests that buyers are slowly entering the market.

The RSI continues to rise, not yet entering overbought territory, but indicating building upward momentum. A strong breakout above $90,000 could open the path toward the $95,000 zone. Conversely, failure to hold at $90,000, followed by a pullback to around $86,000, and if the descending channel breaks down further, deep declines toward the $80,000 region could occur.

Current Market Outlook

Currently, the spot price of Bitcoin is around $95.41K, down 2.19% in the past 24 hours. Over the past week, it remains positive at +4.93%, but the ongoing battle around the $90,000 level persists.

The combination of on-chain accumulation signals and technical range-bound trading suggests the market is in a compression phase before establishing a clear direction. Until a major breakout occurs, price movements around $90,000 and ongoing adjustments are likely to continue.