El umbral de 90,000 dólares del Bitcoin: ¿Un reinicio impulsado por factores macroeconómicos, o el borde de un nuevo ciclo?

Bitcoin's descent below $90,000 in early 2026 marked a pivotal moment in the cryptocurrency's ongoing struggle to consolidate gains amid a shifting macroeconomic landscape. The drop, which saw the asset trade as low as $89,957.24 on the Binance USDT market, was not an isolated event but the culmination of a confluence of factors: central bank policy uncertainty, institutional outflows, and deteriorating on-chain sentiment. This analysis dissects the macroeconomic catalysts and on-chain dynamics that underpinned the decline, while evaluating whether this represents a cyclical correction or a deeper structural reset.

Macroeconomic Catalysts: Central Banks and Carry Trade Unwinding

The primary driver of Bitcoin's late 2025/early 2026 selloff was the evolving global monetary policy environment. Markets priced in aggressive Federal Reserve rate cuts for 2026, with bond yields surging as investors anticipated cheaper capital and a shift in risk appetite. Simultaneously, uncertainty surrounding the Bank of Japan's potential interest-rate hike created a ripple effect. The yen, long a proxy for carry trades (where investors borrow in low-yield currencies to fund higher-yielding assets), strengthened, threatening to unwind leveraged positions in risk assets like crypto.

This unwinding was particularly impactful for Bitcoin, which had benefited from yen-funded liquidity in prior years. As institutional investors recalibrated their exposure to macroeconomic risks, Bitcoin ETFs recorded substantial net outflows, exacerbating the asset's vulnerability to shocks. The interplay between U.S. and Japanese monetary policy thus created a fragile environment, where even modest shifts in expectations triggered cascading selling.

On-Chain Sentiment: Fear, Accumulation, and Structural Reset

On-chain metrics painted a nuanced picture of investor behavior during the decline. The Crypto Fear and Greed Index plummeted to 16-a level of "extreme fear"-highlighting widespread pessimism. Yet, this extreme sentiment did not translate into capitulation. Elevated trading volumes suggested active repositioning rather than a mass exodus, with long-term holders accumulating at lower prices.

The Network Value to Transaction (NVT) ratio, a key valuation metric, provided further insight. The NVT Golden Cross-a signal of undervaluation- partially recovered, rising from -0.58 to -0.32, indicating a cautious equilibrium between price and network activity. While this did not signal an immediate bullish breakout, it suggested that the market was stabilizing after periods of excess. Meanwhile, transaction volume spikes near the $80,000 support level mirrored historical capitulation patterns, with 8 out of 11 similar events in the past leading to new uptrends. This duality-between short-term pain and long-term accumulation-underscored the complexity of Bitcoin's on-chain narrative.

Technical and Market Implications: Support Levels and Leverage

From a technical perspective, Bitcoin's price action revealed a market in consolidation. The $84,700 support level became a focal point, with a break below this threshold risking further liquidation-driven selling, particularly given the elevated leverage in derivatives markets. Institutional outflows and macroeconomic uncertainty had already eroded confidence among short-term holders, who faced significant unrealized losses.

However, Bitcoin's dominance in the crypto space rose to 57% during the selloff, reflecting a defensive shift as investors moved capital to the perceived "safe haven" of Bitcoin within the crypto ecosystem. This trend, while bearish in the short term, could signal a cleansing of weaker altcoins and a realignment of market priorities.

Conclusion: Reset or Collapse?

Bitcoin's decline below $90,000 in late 2025/early 2026 was not a collapse but a macro-driven reset. Central bank policy divergence, institutional outflows, and on-chain repositioning created a perfect storm for the asset. Yet, the interplay of undervaluation signals (e.g., NVT Golden Cross) and historical patterns of recovery after capitulation events suggests that this correction could be a prelude to a new bull phase.

The future trajectory of Bitcoin will hinge on two critical factors: the clarity of central bank communication and the resilience of institutional demand. If the Fed and Bank of Japan stabilize their policy trajectories, and if Bitcoin ETFs regain inflows, the $80,000 support level could transform into a catalyst for a renewed rally. For now, investors must navigate a market in flux, where fear and fundamentals coexist in a delicate balance.