The start of the Wall Street trading week brought renewed selling pressure, causing the Bitcoin price to fall below the psychological level of $90,000 after failing to sustain bullish momentum. Michaël van de Poppe, a renowned trader and analyst, noted the importance of staying calm in the face of this “harsh rejection at crucial resistance,” highlighting the need to monitor immediate supports while volatility continues to dominate the short-term landscape.
During the Asian session, the asset had briefly managed to surpass $92,000, generating expectations of a test toward the yearly open of $93,500, but the entry of US sellers halted this trajectory abruptly. The market shows signs of indecision while traders wait for a clearer direction amidst an environment of fatigue and generalized caution. Despite the drop, liquidations remained relatively modest, suggesting that speculative positioning has decreased considerably compared to previous weeks.
Hard data reveals that cross-crypto liquidations reached $330 million in a 24-hour period, a figure that reflects the clearing of leveraged positions. On the other hand, business intelligence company Strategy announced a new acquisition of 10,624 BTC at an average cost of over $90,000, adding nearly $1 billion to its reserves. However, this massive institutional purchase was not enough to boost immediate market confidence, evidencing that current liquidity is scarce and highly sensitive to sell order flows.
Analysis of capital flows reveals an underlying phenomenon that could be decisive for the asset’s future: the massive migration of supply toward long-term custody. According to reports from trading firm QCP Capital and analytics platforms, more than 35,000 BTC have left exchange order books in the last two weeks. This movement indicates that, despite short-term price weakness, major players are taking the opportunity to accumulate and withdraw coins from active circulation.
This drainage of reserves on exchange platforms has brought balances to levels not seen in years, creating a dynamic where Bitcoin ETFs and corporate treasuries now collectively hold more coins than the exchanges themselves. This structural shift signals a significant reduction in the available float, which theoretically should act as a medium-term bullish catalyst by reducing sellable supply. Ethereum shows a similar pattern, with its exchange balances falling to decade lows, reinforcing the thesis of a generalized supply shortage in the sector.
Is supply migration setting the stage for an imminent liquidity crisis?
However, the lack of depth in the current market means that relatively small movements can have a disproportionate impact on the quotation. Van de Poppe warned about the possibility of a sweep toward the lows if a higher low is not established soon. The $86,000 level is shaping up as the last bastion of support critical before considering a test of previous lows, which keeps investors in a state of maximum alert.
In closing, the outlook suggests that, although immediate bearish pressure is evident, the background structure is strengthening through institutional accumulation and the reduction of liquid supply. The digital asset economy is in a transition phase where patience will be key. Looking ahead to the coming days, it will be fundamental to observe if the Bitcoin price manages to defend the $86,000 zone and if year-end liquidity allows for stabilization, or if conversely, the lack of market depth exacerbates volatility toward new local lows.
