Bitcoin Buying Pressure Jumps 59% — Can It Finally Break the $89,000 Wall?
Bitcoin buying pressure has surged 59% due to increased whale accumulation and accelerating exchange outflows, testing the critical $89,250 resistance.Summary
Bitcoin has been trading sideways in December, but recent on-chain data suggests a significant shift in demand. Buying pressure has increased sharply, evidenced by two key signals: rising accumulation among entities holding 1,000 BTC (whales) and a 59% surge in net Bitcoin exchange outflows between December 19th and 21st, indicating strong spot demand from both large and retail buyers.
Despite this rising buying pressure, Bitcoin remains range-bound, facing a critical resistance wall near $89,250, which has capped upside moves since mid-December. If buyers can convincingly break above this level, the next target would be the major overhead resistance zone around $96,700. Conversely, failure to hold the short-term support at $87,590 could lead to a drop toward $83,550 or $80,530.
The market is at a decision point: whether the current surge in demand can finally overcome the stubborn $89,250 resistance to initiate a breakout or if the price will remain constrained as the year ends.
(Source：BeInCrypto)