Bitcoin Bulls Strengthen As Gold Approaches New $4.5K Record High

TLDR

• Bitcoin prints bullish divergences against gold and USD, signaling potential upside despite resistance at $90K.
• Whale opens $250M shorts on Bitcoin, Ether, and Solana as BTC struggles below $90K resistance.
• Gold nears $4.5K record high while Bitcoin remains range-bound, showing market divergence.
• Bitcoin faces a 1% drop with short-term resistance at $90K, but bullish signals suggest future upside.

Bitcoin has shown signs of bullish strength despite facing resistance at the $90,000 level, as it prints bullish divergences against both gold and the US dollar. This shift comes amid increasing interest in gold, which is nearing an all-time high of $4,500 per ounce. Bitcoin remains below $90,000, with market participants divided on its next move. Meanwhile, large-scale Bitcoin shorts are being opened, signaling caution in the market.

Bitcoin Faces Resistance at $90,000

Bitcoin has faced repeated rejections at the $90,000 mark, leaving traders uncertain about its short-term direction. Data from TradingView shows Bitcoin down about 1% on the day, with the price struggling to push higher after rejecting near $90,000. Analysts note that Bitcoin’s price is facing stiff resistance, particularly around the 200-period simple (SMA) and exponential (EMA) moving averages on the four-hour chart.

Trader Daan Crypto Trades commented on the resistance level, stating that a breakout above this range is needed for Bitcoin to move higher. Without breaking the $90,000 resistance, Bitcoin may continue to move sideways. Fellow trader Crypto Tony has noted that a more promising long entry could come after Bitcoin prints new intraday lows.

Bitcoin Bulls Display Divergence Against Gold and USD

Despite short-term challenges, Bitcoin has shown bullish divergences on multiple charts. The relative strength index (RSI) on the three-day chart for Bitcoin has been making higher lows, while its price has made lower lows, signaling potential upward momentum. Trader Jelle noted that this divergence suggests the bottom for Bitcoin may be in, and the asset could soon push back into six-figure territory.

At the same time, Bitcoin has been making a separate, bullish divergence against gold. As gold approaches a new all-time high of $4,500 per ounce, Bitcoin remains range-bound, creating a divergence between the two assets. This suggests that while gold continues to rally, Bitcoin may be preparing for a potential breakout of its current range, potentially outperforming gold in the future.

Whale Activity and Market Sentiment

Market sentiment around Bitcoin has been affected by significant whale activity, with a whale entity reportedly opening nearly $250 million in short positions on Bitcoin, Ether, and Solana. This move has added to the uncertainty, as the price of Bitcoin remains below the key $90,000 level. Analyst Ted Pillows commented that this whale’s short positions are likely to weigh on the market, and Bitcoin may face further downward pressure unless it reclaims the $90,000 range.

However, bullish takes continue to support Bitcoin’s medium- to long-term prospects. As Bitcoin prints bullish divergences on multiple timeframes, many analysts believe that Bitcoin is poised for a rally, especially if it can break through key resistance levels.

Gold’s Record High and the Diverging Markets

Gold has surged toward a new record high of $4,500 per ounce, as Bitcoin struggles to break out of its range. This increase in gold’s value highlights the growing interest in precious metals amid broader economic uncertainty. At the same time, Bitcoin’s range-bound price action contrasts with the strength seen in gold, providing an interesting dynamic in the market.

As liquidity in the crypto market thins ahead of the holidays, many traders are closing out positions. This thinning liquidity could lead to greater volatility, potentially setting the stage for significant price moves in early 2026. However, Bitcoin’s divergence from gold suggests that investors may be positioning themselves for future growth, with Bitcoin potentially poised for a more substantial rally once it clears key resistance levels.

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