[Analysis] "Quietly accumulating Bitcoin buying pressure…Attention on whether $90,000 will hold"

Bitcoin (BTC) has once again surpassed the $90,000 level, but it is still too early to determine a clear direction. Prices are showing a rebound, but on-chain indicators have detected signs that 'quiet buying demand' is accumulating as accumulation by large holders and exchange outflows are both expanding.

On the 22nd, according to crypto-focused media Blockhead, the total cryptocurrency market capitalization remained at around $3 trillion. However, the recent 24-hour trading volume amounted to only $70–80 billion, indicating trades focused more on short-term positions than trend-based buying. Bitcoin recovered to $90,000 intraday and continued to fluctuate around that price range.

As year-end approaches and liquidity tightens across global financial markets, analysts say crypto assets are also being affected by the macro environment. Asian markets saw a slight rebound led by tech stocks, but Bitcoin does not appear to have taken a leading role in driving the overall risk-asset flow.

According to Bloomberg, roughly $23 billion worth of Bitcoin options contracts are due to expire at the end of this month. This exceeds half of the total open interest on crypto options exchange Deribit. Timothy Mishir, head of research at BRN, said, "Bitcoin is trapped in a fragile equilibrium without having recovered key price levels."

In the options market, demand for call options is distributed above $100,000, while large put option positions are formed around $85,000. According to STS Digital Data, roughly $1.4 billion of open interest is concentrated in that price range alone, raising the view that volatility could increase as the expiration approaches.

Meanwhile, on-chain indicators are showing a different trend from price. According to on-chain analysis firm Glassnode, the number of addresses holding 1,000 BTC or more has turned to an upward trend since the 17th. This suggests large holders are gradually increasing their positions during this phase of price stability.

Exchange net outflows have also rapidly expanded. As of the 19th, about 26,000 BTC had left exchanges, and by the 21st net outflows exceeded 41,000 BTC. Analysts interpret this as movement increasingly for custody rather than short-term selling.

In technical analysis, whether $90,000 holds is considered more important than simply exceeding it. The market views around $89,250 as still acting as a key resistance, while about $87,500 on the downside is cited as a short-term support level.

Although demand signals such as accumulation by large holders and exchange outflows have been confirmed, the prevailing cautious view is that it remains to be seen whether Bitcoin can establish a trend above $90,000 amid year-end liquidity constraints and the burden of large option expirations.