Bitcoin is struggling to regain momentum this Christmas, trading below the $90,000 mark despite the festive mood in the market. There are hopes for a holiday rally amid the bearish price action.
At the time of writing, Bitcoin closed near $86,935, slightly lower after failing to hold recent gains. Thin holiday trading volumes, ETF outflows, and a large options expiry have all added pressure on the world’s largest cryptocurrency.
Bitcoin’s Christmas performance has varied sharply over the past three years:
Last year’s Christmas rally to above $94,000 set a high bar. This year, Bitcoin is well below that level, raising questions about whether another festive breakout is possible.
Bitcoin has been consolidating in a tight range between $85,000 and $90,000 throughout December. Analysts say low liquidity during the holidays has reduced strong price moves in either direction.
ETF-related selling and a major options expiry have also limited upside momentum. However, from a technical perspective, signals are mixed.
On the weekly chart, Bitcoin is still showing signs of a broader correction. A bearish divergence remains active, showing weakness could continue unless the trend changes.
However, shorter timeframes tell a slightly more positive story. On the three-day chart, a small bullish divergence has formed. This often means a short-term bounce or sideways movement rather than a strong rally.
Bitcoin continues to bounce between clear levels:
The $90,000 level has now turned into strong resistance, with multiple rejections over the past week.
Bitcoin looks oversold in the short term and could attempt a move back toward $90,000 to $91,000, where liquidity is building. If buying pressure increases, a brief Christmas bounce is possible.
However, failure to hold current support could send Bitcoin down toward $82,000, especially if broader market sentiment weakens.
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