New Year, Same Resistance: Bitcoin Battles the $90K Ceiling

Bitcoin approached $90,000 on January 2, 2026, but faced strong resistance as traders monitored the CME futures gap and potential price dips according to recent analysis. The asset tested this key level following mixed on-chain activity and investor positioning. Gold also saw a rebound after hitting local lows on New Year's Eve as data shows.

Bitcoin's price movement showed signs of compression as it tested a descending channel near the $90K threshold. Analysts noted fading momentum and the need for a strong breakout to avoid a potential pullback. The RSI and MACD indicators suggest a slightly bullish bias but lacked confirmation of sustained upward movement.

A new CME futures gap created uncertainty ahead of the first Wall Street trading session of the year. This gap provided a potential price target for traders and triggered discussions among market participants about its implications.

Why Did This Happen?

Bitcoin's attempts to break through the $90K resistance were met with strong sell pressure, according to recent chart analysis. The Point of Control (POC) was identified as a critical support zone within the trading range. Failure to hold this level could open the door to a decline toward the $80K range.

On-chain data showed declining exchange reserves, reflecting ongoing accumulation and reduced sell pressure on centralized platforms. This trend supports a long-term bullish view, even as short-term price action remains uncertain.

Bitcoin's price was also affected by long liquidation clusters in the high-leverage liquidation map. Traders were advised to adjust their positions and leverage settings to avoid being caught in potential dips near $88K.

How Did Markets React?

Bitcoin closed above $89K on January 2, but failed to maintain a breakout above $90K. This led to concerns among traders about a potential pullback toward $86K or lower. The CoinGlass liquidity heatmap showed increasing activity on both sides of the price as the market prepared for the Wall Street open according to market data.

Despite the resistance, Bitcoin had gained 2% over the past 24 hours, pushing it closer to the $90K level as reported. Other cryptocurrencies, including Ethereum and altcoins, also saw gains, with Ethereum trading above $3,000 and smaller tokens showing mixed performance according to market data.

The broader market sentiment remained cautious, with the put-to-call ratio in the Bitcoin options market suggesting a bearish outlook for the coming months. The most popular strike price for puts was $20,000, indicating significant downside expectations as reported.

What Are Analysts Watching Next?

Analysts are closely monitoring the $90K level for signs of a breakout or rejection. A clean close above this level could signal a move toward $95K, while a failure to hold it could lead to a deeper correction toward $80K according to market analysis.

Technical indicators remain mixed, with the RSI hovering above neutral territory and the MACD showing a bullish crossover. However, these indicators lack confirmation of strong directional momentum.

On-chain activity continues to support a long-term bullish thesis, with declining exchange reserves indicating reduced sell pressure and ongoing accumulation by larger holders. This suggests a possible consolidation phase before the next major move.

Bitcoin's recent price action has also highlighted concerns about a potential "crypto winter" following a prolonged period of stagnant trading and underperformance. While the asset remains below its October high, institutional accumulation and large treasury buyers have provided some support according to market reports.

Overall, the market is waiting for stronger participation and clearer direction. Until Bitcoin can break through $90K with sustained momentum, the current trading range is likely to persist, with the POC and $80K level acting as key focal points for traders and investors as analysts warn.