According to reports, Bitcoin's struggle to reclaim $90,000 indicates underlying market issues beyond narrative debates. A rally earlier in 2025, driven by institutional momentum and regulatory developments like the potential passage of the GENIUS Act, led to a new all-time high of $126,223 in early October. However, a significant liquidation event on Oct. 10 erased approximately $20 billion in leveraged positions, causing a 30% price drop. Since then, the market has experienced thinned liquidity, lower trading volumes, and selling pressure from larger holders. Data suggests centralized exchange activity has declined, with combined spot and derivatives volumes dropping significantly. The current market depth is a warning signal, highlighting the difficulty of executing large trades without slippage.

According to reports, Bitcoin's struggle to reclaim $90,000 indicates underlying market issues beyond narrative debates. A rally earlier in 2025, driven by institutional momentum and regulatory developments like the potential passage of the GENIUS Act, led to a new all-time high of $126,223 in early October. However, a significant liquidation event on Oct. 10 erased approximately $20 billion in leveraged positions, causing a 30% price drop. Since then, the market has experienced thinned liquidity, lower trading volumes, and selling pressure from larger holders. Data suggests centralized exchange activity has declined, with combined spot and derivatives volumes dropping significantly. The current market depth is a warning signal, highlighting the difficulty of executing large trades without slippage.