🟡On December 22, Bitcoin once again tested the $90,000 level but failed to establish a sustained move above it. Analysts cite the expansion of highly leveraged speculative positions as the primary factor behind the weakness. Rising open interest and funding rates signal market overheating and increase the risk of sharp corrections amid potential liquidations.
🟡Fundamental metrics are also reinforcing a cautious outlook. Network activity is declining, with fewer transactions and active addresses, while cycle indicators point to the early stages of a bearish phase. As traditional markets continue to set new highs, Bitcoin remains under pressure, oscillating between renewed upside attempts and the risk of a pullback toward key support zones.