Opinion: Bitcoin's return to $90,000 is driven by technical factors, with no new catalysts emerging

BlockBeats News, December 29, Presto Research analyst Rick Maeda stated, "Bitcoin's return above $90,000 is mainly driven by technical factors rather than any single new catalyst. The $90,000 level was previously a clear resistance point, and once Bitcoin regained its footing, it likely triggered short covering and momentum-driven buying."

Kronos Research Chief Information Officer Vincent Liu also expressed a similar view, noting that after a period of consolidation, Bitcoin rebounded at a technical support level, and "the key price level has now turned into support."

Andri Fauzan Adziima, head of research at an exchange, said that Bitcoin's upward momentum reflects technical relief from options expiry and correlation dominated by altcoins. He also added that, weighed down by ETF outflows exceeding $1 billion related to tax-loss harvesting and broader de-risking, Bitcoin "basically fluctuated within the $86,500 to $90,000 range in December." (The Block)