Bitcoin Price Analysis: BTC Steadies Around $92,000 But Momentum Still Lacking
Bitcoin (BTC) has steadied itself around $92,000 as traders digested labor market data, choppy Asian, European, and US equity markets, and central bank bets. The flagship cryptocurrency is marginally down during the ongoing trading session, holding at $92,147.
Meanwhile, Glassnode analysts believe BTC’s current price action resembles that of early 2022. The on-chain analytics platform’s cost basis model showed BTC below the key 0.75, 0.85, and 0.95 profitability thresholds, putting over 25% of the supply at a loss.
Strategy Won’t Fold To Stock Pressure
Bitwise CIO Matt Hougan has hit out at Strategy doomsayers, arguing that the company will not be forced to sell its Bitcoin holdings to stay afloat even if share prices drop. Hougan added that anyone saying otherwise was “dead wrong.” Hougan stated in a note on Tuesday,
“There is nothing about MSTR’s price dropping below NAV [net asset value] that will force it to sell.”
Hougan added that while it would be bad for the Bitcoin market if Strategy were compelled to dip into its holdings, the company has enough funds to cover interest payments for the foreseeable future.
“It would indeed be very bad for the Bitcoin market if MSTR had to sell its $60 billion of Bitcoin in one go — that’s akin to two years of Bitcoin ETF inflows. But with no debt due until 2027 and enough cash to cover interest payments for the foreseeable future, I just don’t see it happening.”
Concerns that Strategy could sell some of its Bitcoin were amplified after CEO Phong Le said it could offload some of its holdings as a “last resort” if the company’s market value dipped below the value of its Bitcoin holdings. Strategy is also reeling from an extended crypto market slump and faces potential delisting from the MSCI stock market index. However, Hougan believes things are not as bad as they’re being made out to be. BTC reclaimed $92,000 on Wednesday, giving the company some wriggle room. Strategy acquired its Bitcoin stash at an average price of $74,436.
Bitcoin Price Action Mirrors Early 2022: Glassnode
Glassnode analysts believe Bitcoin’s current price action mirrors the early-2022 sideways market, putting over 25% of the supply in loss. The firm highlighted data from its Supply Quantities Cost Basis Model, identifying price levels corresponding to specific degrees of investor policy. The model tracks three supply quantities: 0.75, 0.85, and 0.95. At the 0.75 level, 75% of the supply is in profit; at the 0.85 level, 85%; and at the 0.95 level, 95%.
Glassnode data reveals that BTC has fallen below all three metrics, indicating that over 25% of the supply is currently held at a loss. Glassnode noted a balance between potential capitulation of recent buyers and possible seller exhaustion, indicating a market bottom. The flagship cryptocurrency had fallen below the 0.75 level in early 2022.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) reclaimed $90,000 earlier in the week and reached an intraday high of $94,181 on Wednesday. However, momentum waned on Thursday as the flagship cryptocurrency fell 1.46% to $92,093. BTC is down 0.56% during the ongoing session, trading around $91,609.
Meanwhile, 21Shares co-founder Ophelia Snyder believes current market conditions could prevent BTC from replicating its 2025 price action, when it rallied to new highs, in 2026. Snyder stated in an interview,
“It’s unlikely that the factors driving the current volatility will fully resolve in the short term. A repeat performance next January will depend heavily on broader market sentiment.”
Snyder added that it’s unclear how BTC will perform in the new year, given that investor sentiment remains pessimistic. The flagship cryptocurrency reached $109,000 a day before President Trump’s inauguration, with traders hopeful a friendly administration could send prices surging. Things went according to plan until October, when BTC surged to a new all-time high. However, a liquidation event on October 10 turned market sentiment on its head, with traders switching to a cautious approach after bullish bets of the price crossing $200,000 by the end of the year. However, Snyder remains optimistic about the long-term, stating,
“I am feeling more bullish as I see this most recent correction as a response to a general risk-off sentiment to broader market conditions, rather than anything crypto specific.”
BTC’s price action over the past few days has been largely sideways, with a dip to $83,700 and a recovery to reclaim $90,000. The flagship cryptocurrency started the previous weekend in the red, dropping 0.45% on Friday to $90,902. Price action remained bearish over the weekend as BTC registered a marginal decline on Saturday before dropping 0.50% to $90,828. Selling pressure intensified on Monday, with the price falling to a low of $83,800 before settling at $86,282.
Source: TradingView
Despite the overwhelming selling pressure, BTC recovered on Tuesday, rising over 2% to reclaim $90,000 and settle at $91,308. Buyers retained control on Wednesday as the price rose 2.35% to $93,453. It returned to bearish territory on Thursday, dropping 1.46% and settling at $92,093. The flagship cryptocurrency is down nearly 1% during the ongoing session, trading around $92,223. The MACD indicates underlying positive sentiment, while a slightly downward-pointing RSI suggests that, while price action is stable, momentum could be waning.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.