Bitcoin has been hanging around the $90,000 zone, and the mood across the market feels like a pause between big moves. Many traders still hope for a strong finish to the year and a return above the important six-figure mark. But at the same time, some of the energy that powered Bitcoin’s earlier surge has cooled.

One of the biggest reasons is simple: large institutions have been stepping back. In December, more than $250 million flowed out of Spot Bitcoin ETFs in the United States, signaling weaker demand from the same group that helped fuel Bitcoin’s breakout earlier in the year. Add in a shift in market dominance and changing trader behavior, and it becomes clear why Bitcoin’s next move may take longer than many hoped.

BTCUSD is moving in an uptrend channel, and the market has reached a higher low area of the channel.