BlackRock Moves Millions in Crypto as Bitcoin Battles to Reclaim $90K Stirring Bear Fears

Bitcoin price is struggling to break back above the $90,000 mark, trading at $87,132 on a 24% drop in daily volume to $32 billion.

The pressure has intensified as BlackRock reportedly transferred millions in cryptocurrency to Coinbase, raising concerns about potential selling pressure amid increasing broader market risks.

On-chain data from Arkham shows the asset manager deposited 2,292 BTC, valued at nearly $200 million, and 9,976 ETH, worth about $29 million.

According to SoSoValue data, Bitcoin ETFs recorded a net outflow of $189 million on December 23, with BlackRock alone accounting for $157 million. Ethereum ETFs also saw $96 million in net outflows, including $25 million from BlackRock’s ETHA fund.

Bitcoin ETFs have posted net outflows in seven of the last ten trading days and are down $629 million so far this month. Analysts warn that continued ETF selling could push BTC below $85,000.

Meanwhile, CryptoQuant has warned that a bear market scenario is becoming more likely. Analyst Woominkyu noted that Bitcoin’s Combined Market Index has fallen alongside price, signaling a broader reset in market momentum.

While the index is below equilibrium, it remains above historical cycle bottoms, suggesting further downside risk.

Bitcoin Shows Signs of Potential Downturn

Bitcoin is trading around $87,268, struggling to climb back above the $90,000 level. Technical indicators suggest a possible downside risk, with an inverted cup and handle pattern forming, a signal often linked to bearish momentum.

The potential downturn, if the pattern plays out, could see Bitcoin retest much lower levels, with estimates pointing toward the $50,000 range.

The chart shows Bitcoin’s price forming a rounded top earlier this year and breaking below the key neckline support. This break suggests that sellers are gaining control, and the price could drop further if the current support fails to hold. The potential decline could target levels near $50,000 if the pattern continues.

BTCUSDT Analysis Source: Tradingview

The Relative Strength Index (RSI) sits around 42, showing that Bitcoin is neither deeply oversold nor overbought but is losing upward momentum. However, the indicator is trending lower, indicating weaker buying pressure, which could support further downward movement.

These technical signals come alongside broader market factors, including lower trading volumes and large institutional moves, such as BlackRock shifting crypto holdings. These developments may increase volatility and put additional pressure on Bitcoin.

While long-term prospects for Bitcoin remain debated, the current chart points to a higher likelihood of a short-term correction before any strong recovery.