Key Points
- BTC rose by less than 1% and is now trading above $87,000.
- It could push toward $90,000 as bullish momentum builds.
Bitcoin tops $87,000 despite weak institutional demand
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is trading above $87,000 after gaining under 1% in the past 24 hours. The modest uptick follows a dip to the $86,000 support level earlier in the day.
This rally comes even as institutional demand has cooled. Data from SoSoValue show that spot Bitcoin ETFs recorded outflows of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals since December 18.
With the holiday period in effect, Bitcoin has reclaimed the $87,000 zone and could extend gains toward $90,000 in the near term. However, if ETF outflows persist or accelerate after the holidays, Bitcoin’s price could face further downward pressure.
BTC eyes $90,000 as technical indicators improve
The BTC/USD 4-hour chart shows a bullish and orderly setup despite choppy price action over recent days. Technical indicators have improved, suggesting bulls are gradually reasserting control of the market.
The Relative Strength Index (RSI) on the 4-hour timeframe sits at 49, just below the neutral 50 level, indicating buyers are regaining influence. MACD lines are also converging, signaling a growing bullish bias.
If the recovery continues, Bitcoin may target the next major resistance around $90,533. That level has proven difficult to breach in recent weeks, and another reaction could occur if price reaches it again.
A decisive break above $90,533 could open the path toward the $94,000 resistance, a level not seen since December 10.
Conversely, if bears regain control, Bitcoin could retest the December 18 low near $84,633 in the short term.