Bitcoin News Today: Institutions Reallocate as Bitcoin's $90k Hurdle Deepens

Bitcoin Faces Critical Resistance as Galaxy Digital Withdraws Holdings

According to reports, Bitcoin's price action has drawn renewed scrutiny as Galaxy Digital's recent withdrawal of over 14,000 ETH from Binance highlights shifting capital flows in the crypto market. The move, which includes a 7,098 ETH withdrawal in a single session, underscores institutional caution amid a broader market environment marked by ETF outflows and technical resistance levels. Analysts suggest Bitcoin's struggle to break above $90,000 could define its near-term trajectory, with liquidity dynamics and macroeconomic factors playing pivotal roles.

The cryptocurrency has oscillated near $86,000 in recent trading sessions, failing to reclaim key resistance zones at $88,000–$90,000 despite intermittent buying interest. Technical indicators point to a bearish bias, with the RSI and MACD showing weakening momentum and on-chain metrics reflecting elevated selling pressure. Market observers note that a sustained break above $90,000 could reignite bullish momentum toward $92,500–$93,200, but repeated failures to hold above this level have reinforced caution among traders.

The broader market context reveals a mix of bearish and stabilizing signals. Spot Bitcoin ETFs experienced a $238 million inflow on November 22 after a record $903 million outflow the prior day, signaling tentative stabilization. However, Ether funds ended an eight-day outflow streak, while Solana ETFs continued to attract capital, highlighting divergent asset performance. Meanwhile, Bitcoin's market capitalization remains depressed at $1.7 trillion, down from a $2.4 trillion peak in October, reflecting broader risk-asset underperformance amid central bank uncertainty and dollar strength.

Institutional activity further complicates the outlook. Galaxy Digital's ETH withdrawals coincide with a broader trend of capital reallocation, as firms like Bitfarms pivot toward AI computing and renewable energy projects, reducing direct crypto exposure. This shift, coupled with ETF outflows totaling $900 million, suggests institutional demand for Bitcoin remains fragile.

Technical analysis emphasizes the criticality of the $80,000 support level. A breakdown below this threshold could accelerate declines toward $73,500, while a sustained rebound above $90,000 might invite a test of $94,500 resistance. On-chain data also indicates mixed signals, with short-term holders accounting for 18.5% of the realized cap and active capital circulating through the market.

Market sentiment remains bearish, as reflected in the Fear & Greed Index at 12 points and a 28% drop in Bitcoin's realized cap change. However, some analysts argue that controlled selling within a descending channel since October could signal an impending reversal, particularly if macroeconomic conditions stabilize.