Bitcoin rose above $90,000 on Dec. 22 as perpetuals open interest increased from 304,000 BTC to 310,000 BTC (roughly 2%), Glassnode data show. The funding rate climbed from 0.04% to 0.09%. Higher open interest and funding rates may indicate leveraged long positions rebuilding and traders positioning for year-end volatility, Glassnode said.

Bitcoin breaching $92,000 would correspond to cumulative short liquidation intensity of $770 million on major centralized exchanges, Coinglass data cited by BlockBeats show. Conversely, a drop below $88,000 would align with cumulative long liquidation intensity of $517 million across major CEXs. BlockBeats noted the liquidation map depicts each cluster's relative importance rather than exact contract tallies, with taller bars indicating stronger potential market reactions as liquidity waves emerge around those price thresholds.

Bitcoin rebounded above $90,000 on Dec. 22, trading at $90,027 with a 24-hour gain of 1.53%, HTX market data show. The cryptocurrency broke through the $90,000 level during the session.

Bitcoin is entering a Christmas window as short liquidations strengthen the buy side and sentiment remains not overheated, CryptoQuant's Axel said on Dec. 22. Derivatives show futures driven by short covering, adding buy-side pressure and a "bullish neutrality" setup.

On-chain analyst Murphy said Bitcoin’s cost distribution has shifted sharply since the October 11 sell-off, which he views as the start of the current downturn. BlockBeats data shows 2.536 million BTC now concentrated between $80,000 and $90,000—up 1.874 million BTC since October 11—with additional buildup in the $90,000–$110,000 range. Murphy noted the market is nearing a balanced structure, with 6.168 million BTC in unrealized losses versus 7.462 million in unrealized gains, attributing recent selling to long-term profit-taking driven by cycle dynamics, macro uncertainty, and concerns such as quantum risk.

Bitcoin’s on-chain capital inflows have weakened, with its realized price stalling over the past month after roughly 2.5 years of steady growth, according to CryptoQuant. On December 22, founder Ki Young Ju said market sentiment may take several months to recover, as reported by BlockBeats. The flat realized price signals a pause in new capital entering the Bitcoin market and a shift away from sustained accumulation.

On December 22, Bitcoin is actively testing a crucial mid-term resistance level at $89,000. Should a decisive breakout occur, analyst @alicharts, in a post cited by BlockBeats, indicates potential upside targets ranging from $91,000 to $93,500. Conversely, a failure to breach this resistance could lead to a retest of the $84,600 support level.

In a December 22 interview, Michael Saylor said Bitcoin could reach $1 million if MicroStrategy acquires 5% of total BTC supply, and as high as $10 million with a 7% share, according to BlockBeats. The comments underscore Saylor’s long-term accumulation strategy and followed his December 21 Bitcoin Tracker post, widely seen as a signal of MicroStrategy’s continued commitment to expanding its Bitcoin holdings.

Bitcoin climbed back above $89,000 on Dec. 22, trading at $89,008 with a 24-hour gain of 0.8%, HTX market data show. The move marks a recovery above the key $89,000 level.