Bitcoin continues to hover around $90,000, and recent market performance reflects the tug-of-war between institutional interest and retail sentiment—there are both bullish signals and pressures.

From a volatility perspective, the $90,000 level has become a "focus area" for Bitcoin, with high amplitude swings and large-scale liquidations occurring consecutively. Institutional attitudes appear somewhat contradictory: on one hand, Wall Street brokers predict a "tokenization super cycle" in 2026, positioning Bitcoin as a core collateral; on the other hand, recent ETF fund outflows continue, exerting noticeable pressure on prices. Florida's move to explore establishing a strategic Bitcoin reserve somewhat indicates an increasing trend at the state level.

More notably, the dynamics of long-term holders (LTH) are worth paying attention to. The sell-off volume among LTHs has fallen to its lowest level since 2023—usually a sign that strong hands are holding firm, and supply is shrinking. Historical experience suggests that such an environment often signals an accumulation phase and may imply upward potential. Technical indicators also show some positive signs: after rebounding from below $90,000, the MACD histogram has turned positive, and the RSI is recovering, all hinting at a possible surge to $93,600 or even $94,300 in the future.

On the risk side, continued ETF outflows and some large holders withdrawing assets from exchanges still send bearish signals, but from the behavior of holders, selling pressure seems to be easing.