Bitcoin’s (CRYPTO:BTC) rally towards $90,000 has slowed as weaker demand and muted onchain activity weigh on near-term momentum.
Market data shows Bitcoin struggling to attract fresh retail and institutional buying needed to push beyond the $90,000 resistance zone.
Analysts say the next sustained rally depends on a clear recovery in apparent demand and US-based investor participation.
Bitcoin’s apparent demand has flipped negative for the first time since October, reflecting a broader risk-off stance entering the new year.
Data from Capriole Investments shows apparent demand falling to minus 3,491 BTC, its lowest level since 21 October.
Apparent demand had remained positive since early November, peaking near 18,700 BTC before reversing sharply in late December.
A negative reading suggests investors are reducing exposure rather than accumulating Bitcoin at current levels.
Additional pressure is coming from US markets, as indicated by a falling Coinbase Premium Index.
The Coinbase Premium Index has dropped to minus 0.08, down from 0.031 recorded earlier in December.
A negative Coinbase premium typically signals selling pressure from US-based retail and institutional investors.