Bitcoin’s $90,000 ceiling: long-term holders’ hedging caps rallies

On 14 December 2025, analysis indicates Bitcoin’s rallies keep stalling near $90,000 because long‑term holders are monetizing inventory through derivatives rather than selling coins. Hedging by counterparties creates persistent sell pressure that offsets spot demand and ETF inflows, turning near‑term price action into a mechanics‑driven, range‑bound market.