Bitcoin Pushes Back Above $90K After Three Weeks — Are Bulls Back in Control?

Bitcoin has reclaimed the $90,000 level for the first time since mid-December, sparking renewed optimism across crypto markets. The flagship cryptocurrency now trades at $90,633, marking a 3.14% gain over the past 24 hours and a 3.65% weekly increase.

Trading volume surged 93.02% alongside the price recovery. This milestone arrives after weeks of consolidation between $85,000 and $90,000. The breakthrough ends a challenging period marked by heavy ETF outflows and year-end tax-loss selling.

December proved difficult for Bitcoin, with spot ETFs recording $4.57 billion in outflows during November and December combined. The asset dropped roughly 20-23% during Q4. However, that selling pressure appears to be subsiding as 2026 begins.

Bitcoin’s January Rally Gains Momentum

Risk appetite traditionally returns to crypto and equity markets in January. The pattern follows year-end tax-loss harvesting and thin holiday liquidity conditions. Traders are now rotating back into digital assets after December’s profit-taking phase.

Asian stock market gains have contributed to improving sentiment across risk assets. Bitcoin ETF flows showed early signs of stabilization on December 30, with $71 million in net inflows. This halted a three-week outflow streak.

Meanwhile, according to data from Lookonchain, weekly ETF data still reflects net outflows of 2,746 BTC, valued at approximately $244.93 million over seven days.

Tether made headlines with a significant Bitcoin purchase on January 1. The stablecoin issuer acquired 8,889 BTC worth $876 million. This purchase elevated Tether’s total holdings to 96,185 BTC, valued at $8.42 billion.

Tether(@Tether_to) withdrew another 8,889 $BTC($778.7M) from #Bitfinex to its reserve address 5 hours ago.

Tether now holds 96,370 $BTC($8.46B) in total.https://t.co/Ptsy2BsPoE pic.twitter.com/NLowYx79bx

— Lookonchain (@lookonchain) January 1, 2026

The company now ranks as Bitcoin’s fifth-largest holder. Tether’s acquisition follows its May 2023 policy allocating 15% of profits to Bitcoin reserves.

Wall Street Bitcoin Price Targets for 2026 Diverge

Major financial institutions have released their 2026 Bitcoin price targets with varying degrees of optimism. JPMorgan published an estimate of approximately $170,000, derived from internal valuation frameworks.

Standard Chartered revised its outlook downward from $300,000 to $150,000. The bank cited slower corporate treasury adoption and growing reliance on ETF inflows. Bernstein issued a similar $150,000 target, viewing it as realistic for 2026.

Katherine Dowling of Bitwise also points to $150,000 as plausible. She emphasized regulatory progress, monetary conditions, and sustained institutional participation as key factors.

Not all analysts share bullish views. Fidelity’s Jurrien Timmer described 2026 as a potential “year off” within Bitcoin’s four-year cycle. He identified support between $65,000 and $75,000 during consolidation.

While I remain a secular bull on Bitcoin, my concern is that Bitcoin may well have ended another 4-year cycle halving phase, both in price and time. If we visually line up all the bull markets (green) we can see that the October high of $125k after 145 months of rallying fits… pic.twitter.com/Uxg9DTccnt

— Jurrien Timmer (@TimmerFidelity) December 18, 2025

Swan Bitcoin CEO Cory Klippsten offers cautious optimism, giving Bitcoin better-than-even odds above $125,000. Analyst Peter Brandt warned that a technical breakdown could trigger a 70% drawdown to near $25,000.

Bloomberg Intelligence strategist Mike McGlone presented the most bearish scenario. He warned of potential mean reversion toward $10,000 if liquidity tightens and speculative demand fades.

Bitcoin Technical Levels and Price Outlook

Bitcoin currently trades between the 30-day SMA at $89,750 and the 20-day SMA at $87,732. The recent reclaim of the pivot point at $87,906 now serves as support.

A descending triangle breakout pattern has emerged on the daily chart. Target projections suggest a potential move toward $92,000-$94,000. Volume expansion on the breakout adds validity to the pattern.

The MACD indicator displays bullish divergence with the MACD line at 445.44 crossing above the signal line at -561.83. This golden cross formation supports the bullish case.

Key resistance levels stand at $89,750-$90,000, followed by $95,000-$97,000 and the psychological $100,000 barrier. Support zones rest at $87,906, $85,714, and the December swing low near $82,000-$83,000.

Bollinger Bands show expansion following a prolonged squeeze, often preceding significant price moves. Volume during consolidation remained healthy, with recent green bars supporting the upward push.

The near-term outlook carries a cautiously bullish bias. A sustained break above $90,200 with volume confirmation would likely trigger short-covering toward $95,000. Failure at current resistance risks retesting the $82,000-$85,000 range.