Bitcoin Price Stabilizes at $92,000, Selling Pressure Eases but Demand Remains Weak

Bitcoin (BTC) has recently stabilized around $92,200, with selling pressure easing but market demand still weak. According to SoSoValue data, US ETF fund flows have stabilized for the first time in weeks, with an inflow of $56.5 million on December 9, compared to weekly redemptions of over $1.1 billion in November. Glassnode analysis shows that the market recovery is limited, the spot CVD indicator remains deeply negative, derivatives positions are defensive, and on-chain transaction activity is near cycle lows. Short-term holders dominate the market, making prices highly sensitive to volatility.

Technical indicators show Bitcoin’s price structure remains weak. The 14-day Relative Strength Index (RSI) has fallen back to the mid-range, reflecting a correction from last week’s highs. Futures open interest has declined, volatility spreads have sharply discounted, and options skew suggests traders are more focused on downside protection rather than betting on upside gains. The number of active on-chain addresses is near cycle lows, and realized market cap has grown only 0.7%, indicating limited capital inflows and a fragile supply structure.

Overall, the recent rebound is mainly due to seller exhaustion rather than strong buying support. Unless ETF inflows turn consistently positive and on-chain activity increases, the Bitcoin market may drift sideways in the short term rather than trend upward. A clearer market direction will require participation from long-term holders and institutional investors.

In market action, Bitcoin saw a sharp reversal to $92,214 during US trading hours, indicating that spot demand is supporting short-term price stabilization. Ethereum (ETH) rose 6% intraday to around $3,296, outperforming due to short covering and improved sentiment. Gold prices remain above $4,200, supported by improved US employment data and Federal Reserve rate cut expectations, but upside momentum is limited before policy announcements. Asia-Pacific stock markets generally rose, with the Nikkei 225 up 0.82%, as investors focus on China’s inflation data and the market’s expectation of a 0.25% Fed rate cut. (CoinDesk) #参与创作者认证计划月领$10,000