Bitcoin Faces Headwinds as New Year Trading Begins

The new year has opened with a challenging phase for Bitcoin. The cryptocurrency is currently trading near $89,700, struggling to breach the psychologically significant $90,000 threshold. This follows a volatile end to the previous year, creating a notable market dichotomy. Significant capital outflows from prominent spot ETFs are occurring simultaneously with declining exchange reserves and continued accumulation by corporate entities.

Recent on-chain metrics present a potentially bullish counter-narrative to the current price stagnation. Key indicators suggest a tightening supply landscape:
* Exchange reserves have dwindled to a multi-year low of 2.75 million BTC. A reduction in coins held on trading platforms typically indicates lower immediate selling pressure.
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