- Bitcoin slips below $88,000 as traders weigh US data, ETF flows and options expiry, while gold surges to record highs during Christmas week.
Bitcoin is trading lower on Tuesday, December 23, as the world’s largest cryptocurrency slipped back below the $88,000 level following a failed attempt to reclaim $90,000 earlier this week. The pullback comes as traders position cautiously ahead of key US economic data releases and a major year-end crypto options expiry.
At the time of writing, Bitcoin is hovering around $87,500, down roughly 2% over the past 24 hours, after trading in a relatively tight $87,000–$90,000 range. Thin holiday liquidity and elevated derivatives positioning are amplifying price moves as markets enter the final stretch of 2025.
Bitcoin Price Today: Where BTC Is Trading Now
Bitcoin remains firmly range-bound despite heightened intraday volatility. Pricing varies slightly across venues, but the broader picture is consistent: BTC is consolidating below a key psychological threshold.
- CoinGecko data places Bitcoin near $87,500, with a 24-hour range between roughly $87,100 and $90,300, and daily trading volume close to $49 billion.
- Coinbase-linked feeds show BTC near $87,400–$87,600, reflecting similar price action across major spot markets.
The inability to hold above $90,000 has reinforced a short-term resistance zone, while buyers continue to defend dips toward the mid-$80,000s.
What Is Moving Bitcoin Today?
Bitcoin’s price action on December 23 is being shaped by a combination of macro risk, institutional flows, and derivatives positioning rather than project-specific news.
Traders Brace for Key U.S. Economic Data
One of the main near-term drivers is macro uncertainty. Markets are awaiting a cluster of delayed US economic releases, including third-quarter GDP updates and readings tied to the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation gauge.
With liquidity thinning into the Christmas holiday, traders appear reluctant to take aggressive directional bets ahead of data that could shift expectations around interest rates, risk appetite, and the US dollar. Bitcoin has increasingly reacted to macro surprises in 2025, particularly during low-volume periods.
Bitcoin ETF Flows Turn Mixed
Spot Bitcoin ETF flows remain a closely watched signal for institutional demand. Recent data shows net outflows from US-listed spot Bitcoin ETFs, even as some funds continued to post modest inflows.
This mixed picture has weighed on sentiment. When ETF flows turn consistently positive, they tend to absorb spot selling and support rallies. When flows weaken or reverse, traders often adopt a “sell the bounce” mindset, especially near resistance levels like $90,000.
Options Expiry Creates Short-Term Price Gravity
Derivatives markets are playing an outsized role in current price behaviour. Around $28.5 billion worth of Bitcoin and Ethereum options are set to expire on December 26 on Deribit, marking one of the largest expiries in the platform’s history, according to Yahoo Finance .
Open interest is heavily clustered around the $85,000 and $96,000 strike levels. This concentration can act like a magnet for spot prices as traders hedge positions and rebalance exposure, particularly during holiday-thinned trading sessions.
As a result, Bitcoin’s near-term movement may remain constrained until the expiry passes.
Ethereum and Broader Crypto Market Remain Under Pressure
Ethereum has followed Bitcoin lower, slipping below the $3,000 level and trading near $2,980–$2,995, down about 1% on the day.
The total cryptocurrency market capitalization is fluctuating between $2.96 trillion and $3.07 trillion, reflecting mild declines across major assets. Altcoins remain mixed, with most showing consolidation rather than decisive trend moves.
Market sentiment remains cautious. The Crypto Fear & Greed Index is holding in “Fear” territory, underscoring defensive positioning as the year draws to a close.
Gold’s Record Rally Highlights a Shift in Defensive Demand
While crypto markets consolidate, traditional safe havens are drawing stronger inflows. Gold is trading near record highs above $4,400 per ounce, supported by rising geopolitical tensions, expectations of future rate cuts, and a weaker US dollar.
The contrast between gold’s momentum and Bitcoin’s range-bound behaviour suggests that, at least in the short term, investors are favouring conventional defensive assets over digital ones during periods of heightened uncertainty.
Bitcoin Outlook: What Comes Next?
As 2025 enters its final trading days, Bitcoin’s direction is likely to remain driven by positioning rather than conviction. Traders are watching three key factors:
- The outcome of US macro data releases
- The impact of the December 26 options expiry
- The trajectory of spot Bitcoin ETF flows
Until one of these provides a clear catalyst, Bitcoin appears set to trade within its established range, with $90,000 acting as resistance and the mid-$80,000s as near-term support.
For now, Bitcoin remains in wait-and-see mode, caught between long-term institutional adoption narratives and short-term caution driven by macro risk and year-end positioning.
Bitcoin can weaken when gold surges during geopolitical stress, as investors often shift short-term capital into traditional safe havens first.
Bitcoin is facing year-end positioning, options expiry pressure, and thinner liquidity, while gold is benefiting from defensive demand.
Bitcoin could see clearer direction after the December options expiry, once hedging pressure and holiday-week volatility fade.