Bitcoin price action turned volatile on Friday, with BTC once again struggling to regain higher ground after failing to break above the $93,000 resistance earlier in the day.
The rejection triggered renewed selling pressure across the market, extending a broader pullback that has weighed on sentiment throughout the week.
The move came as traders faced another bout of thin liquidity, a setup that has repeatedly amplified downside moves in recent sessions.
- Bitcoin failed to break $93,000 and was rejected, triggering renewed selling pressure.
- Analyst points to $86,000 and $78,000–$80,000 as key downside levels to watch.
- Liquidations exceeded $138 million, with long positions hit hardest.
- Analyst notes ongoing whale distribution, while ETF outflows on December 11 added secondary pressure.
Bitcoin briefly pushed higher earlier in the day but stalled just below $93,000, a level that has capped multiple recovery attempts. Once that resistance held, momentum quickly flipped, sending BTC back toward the lower end of its recent range.
Michaël van de Poppe described the move as a familiar pattern, calling it a “classic Friday afternoon dump.” He noted that illiquid order books made the market especially vulnerable, allowing relatively small sell pressure to trigger a broader slide. According to him, losing the $92,000 level set off a chain of liquidations that spread quickly across the market, dragging altcoins down by 5% to 10%.
Key levels in focus as downside risks persist
From a technical standpoint, van de Poppe outlined several price zones that could shape Bitcoin’s next move. He highlighted $86,000 as an important area where price could attempt to stabilize, while also warning that a sweep of the $78,000–$80,000 range remains possible if selling accelerates.
On the upside, he stressed that Bitcoin needs a clear break and hold above $92,000–$93,000 to ease liquidation pressure and restore confidence. Until that happens, he cautioned that losing the $89,000 region could keep downward momentum alive into the weekend.
Liquidations surge as longs get flushed
Derivatives data points to a leverage-driven move rather than panic selling in spot markets. Total liquidations climbed above $138 million during the latest drop, with long positions making up the larger share of losses.
This suggests that bullish positioning was crowded near resistance, leaving the market exposed once BTC failed to push higher. The rapid unwind reinforced the downside move and added to intraday volatility.
Whale selling adds to the pressure
On-chain data shows that distribution by large holders has been an ongoing theme. Analyst Ali Martinez reported that some of the biggest Bitcoin whales have reduced their holdings by around 170,500 BTC over the past year.
While long-term accumulation remains intact for many investors, Martinez noted that this steady offloading has coincided with choppier price action and weaker follow-through during rallies, making breakouts harder to sustain.
ETF flows remain a secondary headwind
U.S. spot Bitcoin ETF flows from December 11 also leaned negative, adding a secondary layer of pressure to the market. Outflows from several major funds outweighed inflows elsewhere, extending a mixed trend seen over recent sessions.
Although ETF activity was not the main driver of Friday’s move, the lack of consistent inflows has raised questions about short-term institutional demand, even as the broader adoption narrative remains intact.
Outlook remains uncertain heading into the weekend
Despite the sharp moves, van de Poppe said Bitcoin still appears substantially undervalued on a broader timeframe. He outlined two main scenarios: either a potential double bottom near $80,000 or a consolidation phase around $86,000 before another attempt higher.
For now, traders are watching whether support can hold and whether BTC can reclaim lost levels. With $93,000 clearly acting as resistance and downside risks still present below $89,000, the coming sessions could be decisive for short-term direction.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/market/bitcoin-price-faces-renewed-pressure-as-analysts-flag-key-risks/
