Bitcoin is trading near the $86,000 level, finding some stability after a month-long correction erased over 30% from its October high. The downturn not only tested the nerves of traders but also wiped an estimated $43 billion from the holdings of Bitcoin’s enigmatic creator, Satoshi Nakamoto.

According to data from Arkham Intelligence, Satoshi’s wallet, believed to contain approximately 1.1 million BTC, saw its value fall from over $137 billion last month to roughly $95 billion. This temporary decline pushes the iconic figure down in global wealth rankings, placing them below names like Bill Gates.

Despite the market setback, long-term fundamentals appear intact. Bitcoin’s circulating supply has reached 19.95 million, and its market capitalization remains above $1.71 trillion, cementing its role as the world’s leading cryptocurrency.

Technical Analysis Suggests Seller Exhaustion

Bitcoin’s recent price action indicates that selling pressure may be waning. The daily chart shows the formation of consecutive spinning tops and long downside wicks near the $85,500–$86,800 support zone, which are often signs of a weakening downtrend. While BTC continues to trade within a descending channel established in early November, it is holding above the key 23.6% Fibonacci retracement level at $86,878—a common point for trend reversals to begin.

Momentum indicators are also showing signs of a potential shift. The Relative Strength Index (RSI) has formed a bullish divergence, making a higher low while the price recorded a lower low last week. This pattern, combined with a flattening 20-day Exponential Moving Average (EMA), suggests that bearish momentum is losing steam. A confirmed move above $90,774 would be the first significant sign of buyers taking control.

If Bitcoin can reclaim that level, it could target further resistance at the 38.2% Fibonacci level of $90,798, followed by the 50% retracement at $93,966 and the 61.8% level at $97,135. A sustained break above $97,000 could propel the asset toward the $102,000–$104,000 range near the channel’s upper boundary.

Navigating Key Support and Resistance

While the technicals are improving, caution is still warranted. If Bitcoin fails to break out, a retest of the $85,500 support level is likely. A drop below this area could expose the next major support at $80,542. For now, however, buyers have been defending the current support zone aggressively.

Traders looking for a clear signal might watch for a break and successful retest of the $90,774 mark. A decisive bullish candle above this level could confirm the start of a relief rally, with potential entry points above $90,800 and initial targets at $94,400 and $97,100.

Innovation Continues Within the Bitcoin Ecosystem

As the primary Bitcoin network matures, new projects are emerging to address its limitations. One such project, Bitcoin Hyper ($HYPER), aims to combine Bitcoin’s security with the high-speed transaction capabilities of the Solana blockchain. The goal is to enable fast, low-cost smart contracts and decentralized applications (DApps) built on a Bitcoin-based framework.

The project, which has been audited by Coinsult, is focused on building trust and scalability. Its presale has reportedly raised over $28.3 million, with the token priced at $0.013325 during its current stage. Bitcoin Hyper positions itself as a bridge between two of crypto’s largest ecosystems, seeking to enhance Bitcoin’s utility for a wider range of applications.

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