Analyst says BTC's recovery to $90K is a technical rebound

Bitcoin's recovery to the $90,000 level is more of a technical rebound than the start of new momentum, according to an analysis from crypto research firm Presto Research. Rick Maeda, a researcher at the firm, stated that the move was driven more by technical factors than by a distinct catalyst, The Block reported. He explained that breaking the clear resistance level at $90,000 triggered short covering and momentum-based buying. Maeda added that market liquidity has thinned due to reduced trading volumes during the year-end holiday season, causing Bitcoin's price to react sensitively to relatively small capital flows. Ahead of the new year, traders are watching to see if Bitcoin can maintain the $90,000 level on a daily basis.