Bitcoin has failed to reclaim the $90,000 level, trading around $87,000 as of December 24 local time. A Cointelegraph report notes that market liquidity has sharply declined. On-chain analytics from CryptoQuant show the 30-day moving average of active addresses at about 807,000, a yearly low, suggesting weaker participation from retail and short-term traders.
Exchange inflows have fallen, with Binance down 63% and Coinbase down 32%, intensifying liquidity shortages. The number of exchange inbound and outbound addresses has declined as well, implying long-term holders are postponing selling.
Technically, Bitcoin has been range-bound between roughly $85,000 and $90,000. A downside risk around $85,800-$86,500 for long positions exists, while resistance near $90,600-$92,000 could trigger short-covering pressure. Bitcoin is currently below the monthly VWAP, suggesting further upside remains challenging in the near term. Analysts say reviving price momentum would require a fresh liquidity wave and broader market participation, which could stay limited in the short term.
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