Trendline Loss Puts $90k Support at Risk

• Bitcoin remains pinned below a descending trendline and the 20–50 EMA cluster, keeping rebounds capped near $96,000–$98,000.
• Spot outflows persist and futures open interest declines, signaling ongoing deleveraging rather than renewed accumulation.
• A break below $89,000 risks acceleration toward $85,000, while bulls need a reclaim of $96,000 to shift momentum.

Bitcoin trades near $90,500 at press time, after spending another session pinned below its descending trendline and major EMA resistance. The market remains compressed between falling resistance and rising short-term support, keeping traders focused on whether buyers can defend the $90,000 zone as outflows and leverage unwind.

Trendline Pressure Keeps Upside Capped

On the daily chart, Bitcoin continues to trade beneath a well-defined descending trendline drawn from the $126,000 peak. That trendline now converges with the 20 and 50-day EMAs near $96,000 to $98,000, forming a dense resistance ceiling.

The 200-day EMA sits even higher near $103,300, reinforcing the idea that the broader trend has shifted into a corrective phase. Each rebound attempt over the past two weeks has stalled below the EMA cluster, confirming that sellers remain in control of short-term momentum.

Price is currently holding above the rising lower boundary of a narrowing triangle near $88,500 to $89,000. This structure suggests compression rather than accumulation, with volatility contracting as the market waits for a directional trigger.

Intraday Structure Shows Fragile Support

Lower timeframes offer little relief for bulls. On the 1-hour chart, Bitcoin is hovering just above session VWAP near $90,300, with repeated failures to sustain moves above $92,000.

RSI remains subdued near the mid-40s, reflecting weak momentum rather than oversold conditions. The lack of strong bullish divergence signals that buyers are defending support passively, not pressing for an upside move.

The rising intraday trendline from the $85,000 low continues to act as immediate support. A clean break below $89,000 would likely accelerate selling toward the prior demand zone near $87,500.

Spot Outflows Continue To Weigh On Sentiment

Spot flow data reinforces the cautious tone. Bitcoin recorded another day of net outflows on December 13, with roughly $29 million leaving exchanges. While the magnitude is smaller than earlier distribution waves, the consistency matters.

Until spot flows flip decisively positive, upside attempts are likely to remain shallow and vulnerable to rejection.

Open Interest Falls As Leverage Resets

Derivatives data points to ongoing deleveraging. Bitcoin futures open interest slipped to roughly $58.7 billion, down more than 1 percent on the day. Trading volume also dropped sharply, reflecting reduced speculative participation.

Liquidation data shows that most forced activity over the past 24 hours has occurred on the short side, but the size remains modest relative to prior flushes. This suggests that the market is not panicking, but rather slowly resetting leverage after the November selloff.

Will Bitcoin Go Up?

The market remains balanced on a knife-edge as compression tightens. The bullish case requires a reclaim of $96,000 with strong volume, followed by a break above the descending trendline. That move would shift momentum back toward the $100,000 to $103,000 zone and signal that the corrective phase is ending.

The bearish case strengthens with a daily close below $89,000. Losing that level would confirm a breakdown from the consolidation structure and likely drive the price toward $85,000 as leverage unwinds further.

Related: Bitcoin Holdings By Major Entities At 6M; Why Is BTC Still Below $100k?