TLDR
- Bitcoin shows bullish divergences against gold and the USD, indicating potential upward movement despite facing resistance at $90K.
- A whale initiates $250 million in short positions on Bitcoin, Ether, and Solana as BTC remains stuck below the $90K resistance level.
- Gold approaches a $4,500 record high as Bitcoin stays within a trading range, highlighting a divergence in market trends.
- Bitcoin experiences a 1% decline with short-term resistance at $90K, though bullish indicators point to potential future gains.
Despite encountering resistance at the $90,000 mark, Bitcoin has exhibited signs of bullish strength, displaying bullish divergences against both gold and the US dollar. This development occurs as gold garners growing interest, approaching a $4,500 per ounce all-time high. Bitcoin remains below $90,000, with market participants divided on its next trajectory. Meanwhile, the opening of large-scale Bitcoin short positions signals market caution.
Bitcoin Faces Resistance at $90,000
Bitcoin has encountered repeated rejections at the $90,000 level, leaving traders uncertain about its short-term direction. TradingView data indicates Bitcoin is down approximately 1% for the day, with the price struggling to rise further after being rejected near $90,000. Analysts highlight that Bitcoin’s price is facing strong resistance, especially around the 200-period simple (SMA) and exponential (EMA) moving averages on the four-hour chart.
Continues to be rejected by its 4-hour 200MA/EMA trend.
If this wants to get out of this choppy range, that would be the first upward level that needs to be breached.
— Daan Crypto Trades (@DaanCrypto)
Trader Daan Crypto Trades commented on the resistance level, stating that a breakout above this range is necessary for Bitcoin to advance. Without surpassing the $90,000 resistance, Bitcoin may continue trading sideways. Fellow trader Crypto Tony has noted that a more favorable long entry opportunity could emerge after Bitcoin sets new intraday lows.
Bitcoin Bulls Display Divergence Against Gold and USD
Despite short-term obstacles, Bitcoin has exhibited bullish divergences across multiple charts. On Bitcoin’s three-day chart, the relative strength index (RSI) has formed higher lows while the price has made lower lows, indicating potential upward momentum. Trader Jelle noted that this divergence suggests Bitcoin may have reached its bottom, with the asset potentially soon returning to six-figure levels.
The 3-day bullish divergence has solidified.
In this cycle, that typically indicates the bottom is in.
— Jelle (@CryptoJelleNL)
Simultaneously, Bitcoin has been forming a distinct bullish divergence against gold. As gold approaches a new $4,500 per ounce all-time high, Bitcoin remains range-bound, creating a divergence between the two assets. This suggests that while gold continues its rally, Bitcoin may be gearing up for a potential breakout from its current range, possibly outperforming gold in the future.
Whale Activity and Market Sentiment
Market sentiment surrounding Bitcoin has been influenced by notable whale activity, with a whale entity reportedly initiating nearly $250 million in short positions on Bitcoin, Ether, and Solana. This action has increased uncertainty, as Bitcoin’s price remains below the critical $90,000 level. Analyst Ted Pillows commented that these short positions from the whale are likely to exert downward pressure on the market, and Bitcoin may face further declines unless it regains the $90,000 range.
A whale has opened a $166,822,000 short position.
They have also opened $54,856,000 and $18,790,000 short positions.
— Ted (@TedPillows)
Nonetheless, bullish perspectives continue to support Bitcoin’s medium- to long-term outlook. With Bitcoin showing bullish divergences across multiple timeframes, many analysts believe the cryptocurrency is poised for a rally, particularly if it can breach key resistance levels.
Gold’s Record High and the Diverging Markets
Gold has surged toward a new $4,500 per ounce record high as Bitcoin struggles to break out of its range. This rise in gold’s value underscores growing interest in precious metals amid broader economic uncertainty. Meanwhile, Bitcoin’s range-bound price movement contrasts with gold’s strength, creating an intriguing market dynamic.
BREAKING: Gold futures surpass $4,500/oz for the first time ever, now up over +70% this year.
Gold is now on course for its largest annual gain since 1979.
— The Kobeissi Letter (@KobeissiLetter)
As crypto market liquidity diminishes ahead of the holidays, many traders are closing their positions. This reduced liquidity could lead to increased volatility, potentially paving the way for significant price movements in early 2026. Nevertheless, Bitcoin’s divergence from gold indicates that investors may be positioning for future growth, with Bitcoin potentially primed for a more substantial rally once it surpasses key resistance levels.
