Bitcoin price stabilizes at $92,000, selling pressure eases but demand remains weak

The price of Bitcoin (BTC) has recently stabilized around $92,200, with selling pressure easing, but market demand remains weak. According to SoSoValue data, U.S. ETF fund flows have stabilized for the first time in weeks, with an inflow of $56.5 million on December 9, whereas weekly redemptions in November had exceeded $1.1 billion. Glassnode analysis shows that the market recovery is limited; the spot CVD indicator remains deeply negative, derivatives positions are defensive, and on-chain transaction activity is near range lows. Short-term holders dominate the market, making prices highly sensitive to volatility.

Technical indicators show that Bitcoin’s price structure remains weak. The 14-day Relative Strength Index (RSI) has fallen back to a mid-range, reflecting a correction from last week’s highs. Futures open interest has declined, volatility spreads are sharply discounted, and options skew suggests traders are more focused on downside protection rather than betting on upside gains. On-chain active address numbers are near cyclical lows, with actual market cap growth at only 0.7%, indicating limited capital inflows and a fragile supply structure. Overall, the recent rebound is mainly due to seller exhaustion rather than strong buying support.

Until ETF inflows remain consistently positive and on-chain activity increases, the Bitcoin market is likely to drift sideways in the short term rather than trend upward. A clearer market direction still requires participation from long-term holders and institutional investors.

In market action, Bitcoin saw a sharp reversal to $92,214 during the U.S. trading session, indicating that spot demand is supporting short-term stability. Ethereum (ETH) rose 6% intraday to around $3,296, with short covering and improved sentiment driving its outperformance. Gold prices, supported by improved U.S. employment data and expectations of Federal Reserve rate cuts, remained above $4,200, but upside momentum is limited ahead of policy announcements. Asia-Pacific stock markets generally rose, with Japan’s Nikkei 225 index up 0.82%, as investors focused on China’s inflation data and market expectations for a 0.25% Fed rate cut. (CoinDesk)