Bitcoin Price Struggles At $90,000 As Christmas Looms
The cryptocurrency market saw a surge in the bitcoin price on Monday as it briefly crossed the $90,000 mark. The rally took the price from $88,000 during Asian trading hours to just above $90,000 in European and US afternoon trading. However, the surge was short-lived as the price dropped back down near $88,000 by the end of the afternoon.
Bitcoin has been showing a pattern in recent weeks of gaining momentum during Asian and European trading hours, only to see those gains fade once U.S. investors re-enter the market. Data from CoinGlass revealed that bitcoin futures open interest climbed earlier in the day towards $60 billion across major trading venues including Binance, CME, and Bybit. This increase suggests that fresh leveraged positions are entering the market, rather than just short-covering.
While rising open interest alongside higher prices does not necessarily signal immediate trouble, it does raise the stakes. If momentum stalls, crowded long positions could unwind rapidly, leading to steep pullbacks. Conversely, if the rally holds, leverage could amplify the upside potential.
A sustained move and hold above $90,000 could indicate a shift away from the pattern of sharp early-day sell-offs that has characterized much of December. A sustained hold above this level would suggest bullish momentum, while a failure to do so may indicate a continuation of the market’s tendency towards lower highs and rapid pullbacks.
In terms of technical levels, support for the bitcoin price remains near $84,000, with immediate resistance at $91,400 and key levels at $94,000, $98,000, and a zone between $101,000 and $108,000. Closing above $108,000 could challenge the assumption that bitcoin’s 2025 peak marks a long-term top.
Despite the rally, the U.S. macroeconomic environment continues to influence bitcoin’s price trajectory. Uncertainty surrounding the Federal Reserve’s policy path, delays in key inflation data, and upcoming U.S. economic indicators are all factors that investors are monitoring closely.
Historical seasonality offers some reason for optimism, as the S&P 500 has often rallied during the final days of December and the first days of January, known as the “Santa Claus rally.” Bitcoin’s correlation with equities means that a push in stocks could spill over into the crypto market.
Looking ahead, sellers remain in control near $89,000, but if bulls maintain support above $84,000 and hold gains above $90,000 during U.S. hours, they may create a foundation for a year-end rally. The interplay between spot demand, futures leverage, and macroeconomic signals will likely dictate whether the bitcoin price can sustain its push towards key levels in the final weeks of 2025.
At the time of writing, BTC was trading at $88,368 with a 24-hour trading volume of $40 billion. The cryptocurrency’s market capitalization stood at roughly $1.76 trillion, with 19.97 million coins in circulation and a maximum supply capped at 21 million.
