Bitcoin has traded in a very tight range around the $90,000 level this weekend, with a brief dip below it in late trading on Saturday.
There have been a few possibly manipulated leverage flushes over the past couple of weeks, but no clear direction for the asset. Bitcoin is at a “critical on-chain support” level, observed Alphractal CEO Joao Wedson on Saturday.
He cited the “Realized Cap Impulse,” which is testing a decisive region, “historically, a zone that often precedes healthy pullbacks,” before cautioning that “demand needs to emerge now.”
“If capital does not start flowing back in, the Realized Cap is likely to decline, increasing selling pressure and on-chain distribution, especially from more price-sensitive investors.”
Bitcoin at a critical on-chain support
The Realized Cap Impulse is testing a decisive region — historically, a zone that often precedes healthy pullbacks.
But in on-chain terms, this means something very clear:
demand needs to emerge now.
If capital does not start… pic.twitter.com/YE4BJXHIZx
— Joao Wedson (@joao_wedson) December 13, 2025
A Bearish Consolidation Pattern
“BTC is in a bearish consolidation pattern no matter how you frame it,” said analyst “Colin,” who added that we were “still waiting for BTC to make a decision and choose a direction, but it’s gotta be close.”
The analyst said that a breakdown was the most likely outcome because “the trend tends to continue.”
“Potentially, the sooner we rip off the bandaid, the sooner we can get a juicy bounce. Going straight up from here would be acceptable too, but it seems less likely, given the bearish continuation pattern.”
Meanwhile, Glassnode researcher “CryptoVizArt” said that the current consolidation range is “generating a magnitude of stress comparable to late January 2022, with Relative Unrealized Loss approaching 10% of market cap.”
“This places the market in a regime where liquidity is constrained, and sensitivity to macro shocks is elevated, yet still below the levels typically associated with full bear-market capitulation.”
The current $80K–$90K consolidation range is generating a magnitude of stress comparable to late Jan 2022, with Relative Unrealized Loss approaching ~10% of market cap.
This places the market in a regime where liquidity is constrained, and sensitivity to macro shocks is elevated,… https://t.co/PLxEusjkDm pic.twitter.com/CSakMTFU95— CryptoVizArt.₿ (@CryptoVizArt) December 13, 2025
Is Anyone Bullish?
The majority of analysts were leaning bearish this weekend, but a few maintained hope of a recovery.
“Bitcoin is currently trading extremely correctively,” said analyst “Sykodelic” before adding that there were small pumps, sharp dumps, “hunting liquidity with no true direction.” The market needs to sweep lows at the low $80,000 range before any reversal, they said.
“Overall, the market is telling us what we want to see for bullish continuation into 2026, so whilst this bottoming formation is taking hold, we just need some patience.”
BTC was trading flat on the day at $90,300 at the time of writing, and a Sunday flush, as we’ve seen previously, could be on the cards again today.
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