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Bitcoin (BTC) reclaimed $90,000 this week, but onchain data indicated that the move sat on shaky grounds. Despite a strong cost-basis cluster, demand, liquidity, and futures activity remained thin.

Key takeaways:

• The $84,000 cost-basis cluster held 400,000 BTC, but spot demand above it remains shallow.

• BTC liquidity signals resembled the weakness seen in early 2022, with losses dominating recent flows.

• Recent futures activity was mostly shorts-covering, and not long-positional build-up. 

BTC spot demand must improve above $84,000 cost basis

Bitcoin’s recent move took place at the back of a dense cost-basis cluster around $84,000. More than 400,000 BTC were acquired in this range, forming a clear onchain “floor.”

Bitcoin has pushed back above the $90,000 level after several days of intense selling pressure, bringing a brief moment of relief to a market overwhelmed by fear and uncertainty. Despite the rebound, bulls remain under pressure as speculation of an incoming bear market continues to grow. Many investors are still digesting the sharp correction from October’s all-time high, and confidence has yet to fully return.

According to top analyst Darkfost, one of the key indicators reinforcing this cautious environment is the Coinbase Premium Index, which remains negative. This metric compares Bitcoin’s price on Coinbase — the preferred exchange for US institutions and professional investors — with Binance, which is widely used by retail traders. When the index is negative, as it is now, it signals that institutional players and US whales are selling more aggressively than retail participants.

Darkfost notes that part of this ongoing sell-side pressure is tied to continuous spot ETF outflows, which have weighed heavily on sentiment. Although the recent bounce above $90K shows a temporary shift in momentum, Bitcoin must demonstrate strong follow-through to prevent the market from slipping deeper into a bearish phase.

Institutional Selling Pressure Begins to Ease

Darkfost explains that since the peak in panic selling on November 21, institutional and US-based selling pressure has noticeably cooled off. During that period, the Coinbase Premium Index showed a sharp dive into negative territory, signaling that professional actors were offloading Bitcoin far more aggressively than retail participants. This imbalance amplified the market’s decline, helping push BTC toward its recent lows.

However, over the past several days, the intensity of this selling has started to fade. While the Coinbase Premium Index remains negative — meaning institutions are still net sellers — the depth of that negativity has significantly softened. Darkfost notes that although the metric has not yet flipped into positive territory, the trend is improving. If this continues, it could give the market some much-needed breathing room and potentially stabilize price action.

Still, analysts remain cautious. The next few sessions will be critical, as Bitcoin needs to demonstrate that this easing in sell pressure can translate into sustained demand. A decisive move — either reclaiming higher levels or breaking down again — appears imminent. As institutional activity continues to shift, the market may soon reveal whether this was only a temporary relief bounce or the start of a larger recovery.

Bitcoin Attempts Recovery But Faces Key Resistance Levels

Bitcoin is showing its first meaningful recovery attempt after the steep decline that dragged price from the $126,000 all-time high down to the $80,000 zone. On the 3-day chart, BTC has bounced sharply from the 200-day moving average (red line), a level that historically acts as a major dynamic support during deep corrections. This rebound pushed price back toward the $91,000 area, but momentum remains fragile.

The chart shows BTC trading below both the 50-day and 100-day moving averages, which have now turned downward—an indication of short-term trend weakness. Until the price reclaims these moving averages, particularly the 100-day near $103,000, the broader structure remains vulnerable to further downside.

Volume during the sell-off was substantially higher than during the bounce, suggesting that sellers were more aggressive than buyers. This imbalance highlights that the recent uptick may be more of a reactionary relief move than a confirmed reversal.

Still, the rejection wicks below $85,000 show clear buyer interest at lower levels. If BTC can maintain this higher low structure and continue closing above the 200-day MA, bullish momentum could gradually rebuild.

Featured image from ChatGPT, chart from TradingView.com

The crypto market is moving cautiously today as investors weigh mixed signals from macro trends, falling liquidity, and quiet accumulation across major networks. While traders debate whether the recent slowdown signals exhaustion or quiet preparation for the next move, one project continues to strengthen its fundamentals beneath the surface. Chainlink , often seen as the backbone of blockchain data infrastructure, is showing activity that many market participants may be overlooking.

A key question now emerges: Why is Chainlink accumulating so aggressively during a period of broader uncertainty—and what does this reveal about the network’s long-term trajectory? The latest Chainlink reserve data offers an important clue that could impact the LINK price rally.

Why the Chainlink Reserve Matters—And What Today’s Accumulation Signals

The Chainlink Reserve plays a critical role in strengthening the network’s long-term sustainability by accumulating LINK using both enterprise-generated off-chain revenue and on-chain service fees. This model turns real economic activity into protocol-level accumulation, reducing available circulating supply over time.

In the past 24 hours alone, the reserve added 89,079 LINK, bringing total holdings to 973,752 LINK — nearly one million. This steady inflow highlights increasing enterprise adoption of Chainlink services like CCIP, Data Feeds, and Proof of Reserve, and signals deepening fundamental demand that persists regardless of short-term market volatility.

How Enterprise Adoption Is Quietly Tightening LINK’s Supply

Chainlink’s growing enterprise integrations are starting to show a measurable impact on the token’s on-chain dynamics. As more banks, fintech players, and institutional platforms adopt services like CCIP, Data Feeds, and Proof of Reserve, the resulting revenue flows directly into the Chainlink Reserve—steadily pulling more LINK out of circulation.

This enterprise-driven accumulation is tightening liquid supply in the background. Exchange reserves continue to drift lower, long-term holder positions remain stable, and no significant selling pressure has resurfaced. With real-world usage rising while available LINK gradually contracts, the network is setting up a fundamentally strong environment that could amplify future price movements once market momentum returns.

Will This Impact the LINK Price Rally?

Chainlink is attempting a recovery after weeks of persistent downward pressure, and price action is now showing early signs of stabilization. As the market turns cautiously optimistic, LINK has rebounded from a key support zone, aligning with fresh reserve accumulation and improving on-chain metrics. With sentiment slowly shifting, traders are watching closely to see whether this bounce marks the beginning of a larger trend reversal or just another short-lived relief rally in an otherwise corrective structure.

Two members of the Balancer protocol community submitted a proposal on Thursday outlining a distribution plan for a portion of the funds recovered from the protocol’s $116 million November exploit.

About $28 million from the $116 million heist was recovered by white hat hackers, internal rescuers, and StakeWise — an Ether liquid staking platform. 

However, the proposal covers only the $8 million recovered by white hat hackers and internal rescue teams, while the nearly $20 million retrieved by StakeWise will be distributed separately to its users.

Wall Street strategist Tom Lee believes investors should brace for another volatile year ahead.

, the Fundstrat co-founder outlined his expectations for both equities and crypto, warning that policy shocks could trigger sharp corrections in stocks while Bitcoin may stage a dramatic rebound.

Despite recent turbulence, Lee insists resilience remains a defining feature of markets, and he sees opportunities for recovery even after severe drawdowns.

Here’s what lies ahead for the S&P 500 index

Lee has long pointed to the benchmark S&P 500 index reaching 7,000 level by the end of 2025 – but he acknowledged in the CNBC interview that the path has been anything but smooth.

Reflecting on 2025, he described it as “five years of history compressed into one,” citing a bear market and tariff hikes that derailed earlier forecasts.

Looking forward, the market veteran expects 2026 to echo this year’s volatility.

He warned that a “policy shock, whether it’s monetary or from the administration, could lead to a big drawdown of 20% again.”

Yet he asserted that financial markets have shown remarkable resilience – often recovering losses symmetrically – and the coming year will likely not be any different.

According to him, another steep correction would likely be followed by a rebound, underscoring the cyclical nature of recent market behaviour.

Here’s what lies ahead for Bitcoin

Crypto markets have endured their own upheaval, Lee told CNBC earlier this week

He described October’s crash as “Armageddon,” when the market experienced unprecedented liquidations, wiping out nearly two million accounts and forcing a third of market makers out of business.

Despite this, Lee remains optimistic about Bitcoin’s trajectory. He argued that while crypto has historically led risk sentiment, it is now lagging behind AI-driven momentum in equities.

Still, he believes BTC retains explosive potential, adding “it’s still very likely that Bitcoin is going to be above 100,000 for year end and maybe even print a new high.”

Lee pointed out that Bitcoin’s biggest rallies often occur in short bursts, sometimes within just ten trading days, suggesting December could deliver outsized gains.

Here’s what it means for investors heading into 2026

Lee’s outlook for 2026 is a reminder of how compressed and unpredictable market cycles have become.

For equities, he sees the possibility of another sharp 20% correction driven by policy uncertainty, but also expects recovery to follow.

For Bitcoin, he anticipates a rebound to fresh highs despite recent turmoil, highlighting its role as a barometer of risk appetite.

Whether in stocks or crypto, Lee’s message is clear: volatility may be unavoidable, but resilience remains the defining trait of modern markets.

Investors should prepare for shocks while keeping an eye on the potential for rapid recoveries.