Bitcoin remains in a high-risk zone as CryptoQuant's multi-indicator risk avoidance oscillator approaches the 60 threshold, a level historically associated with market corrections, despite recent price recovery. The model incorporates six metrics including downside volatility, upside volatility, exchange inflows, funding rates, futures open interest, and market cap performance to assess market vulnerability. Bitcoin researcher Axel Adler Jr notes the profit-loss score has declined to -3, reflecting extreme concentration of loss-making UTXOs, a level historically aligned with bear market phases. The current -32% drawdown exceeds typical cycle corrections of -20% to -25% but falls short of panic-selling thresholds of -50% to -70%, placing Bitcoin in a fragile middle ground, Adler said, adding that downside risks remain elevated unless macro conditions and on-chain profitability metrics improve, even if prices stabilize near $90,000.

The exchange whale ratio across all platforms reached 0.47 on December 6, with large holders moving Bitcoin to trading venues, Cointelegraph reports. Binance's 14-day exponential moving average rose to 0.427, the highest since April, while the 30-day simple moving average of BTC inflows hit 8,915 coins on November 28, nearing the annual peak of 9,031 set on March 3. Rising inventory on Binance may weigh on Bitcoin as it seeks to hold support above $96,000, with upward momentum potentially limited until the market absorbs excess supply.

Bitcoin rose 1.06% to above $91,000 on Dec. 5 following the release of U.S. core PCE price index data, BlockBeats reports. The core PCE annual rate unexpectedly fell to 2.8%, a three-month low. The cryptocurrency's gain came shortly after the data release.

Coinglass data show cumulative long position liquidations across major centralized exchanges could reach $617 million if Bitcoin falls below $88,000, reported on Dec. 5. Short position liquidations may total $455 million if Bitcoin rises above $92,000. The liquidation heatmap represents relative intensity between liquidation clusters rather than exact contract volumes, indicating market impact magnitude as price reaches specific levels.

Bitcoin briefly dropped below $90,000 on Dec. 5, down 2.66% in 24 hours, HTX data show. The decline marked a notable intraday retreat for the leading cryptocurrency.

JPMorgan continues to project a theoretical Bitcoin price of approximately $170,000 within 6 to 12 months under its volatility-adjusted Bitcoin versus gold model, according to a Wednesday report. The bank noted that Strategy remains a key driver for Bitcoin markets, with its enterprise value to Bitcoin holdings ratio (mNAV) currently at 1.13; a drop below 1.0 would signal potential forced selling risks, though the current level provides reassurance with $1.4 billion in reserve capital serving as a buffer. The analysts highlighted MSCI's January 15 index decision as an asymmetric catalyst, noting most downside from potential exclusion was reflected in the decline since October 10, while a favorable outcome could trigger sharp gains. Bitcoin has declined from its all-time high above $120,000 to lows near $82,000 in recent weeks, prompting JPMorgan to lower its production cost estimate from $94,000 to $90,000 due to reduced hashrate and mining difficulty.

National Bank of Canada, with $398 billion in assets, acquired 1.47 million shares of Bitcoin treasury company Strategy (MSTR) valued at approximately $273 million, BTCtreasuries disclosed on Dec. 5. The purchase marks a significant institutional investment in the Bitcoin-focused firm.

BlackRock's IBIT recorded a net outflow of $275.6 million over two weeks ending Dec. 5, Farside data show. The fund saw its largest single-day outflow of $149.1 million on Nov. 24, while the biggest inflow reached $120.1 million on Dec. 2.