Technical Analysis

Bitcoin mining equities declined 1.8% in the week ending December 5, 2025, with market capitalization falling to $67.89 billion from $69.12 billion. Trading volume dropped 25.66% to $307.35k. Average cash costs for public miners to produce one Bitcoin reached $74,600, while all-in costs including depreciation and stock-based compensation climbed to $137,800, according to CryptoRank data.

Solana has retreated to a critical ascending trendline that has supported its uptrend since 2023. The asset is currently trading near $132 in a narrow consolidation zone with reduced volatility. Analyst Ali Martinez noted that SOL is testing this support level, which has historically triggered rebounds during previous pullbacks.

Bitcoin Cash has gained nearly 40% in 2025, outperforming all top-tier Layer-1 networks while Ethereum, Solana, Avalanche, Cardano and Polkadot posted losses exceeding 50%, data show. Analysts attribute BCH's strength to its complete circulating supply with no vesting unlocks or venture capital allocations creating sell pressure. The performance occurred without active centralized marketing, as the project does not maintain an official X account.

Bitcoin's liveliness metric has sustained an upward trend despite softer spot prices, indicating continued network engagement by long-term holders and larger market participants. Concurrently, the Russell 2000 small-cap index has broken above long-standing resistance levels, replicating a pattern that preceded four Bitcoin rallies since 2011.

Options market participants are increasingly selling short-dated volatility on Bitcoin rather than positioning for breakout moves. The shift follows a two-month period that erased over $1 trillion from the crypto market. BTC has consolidated between $80,000 and $100,000 over three weeks, with premium sellers treating the pattern as evidence the asset may remain range-bound.

Bitcoin could fall to the low-$80,000 range if it fails to reclaim $92,000, trading analyst Michaël van de Poppe warned. The cryptocurrency traded at $89,411, down 0.5% in 24 hours and 2.2% over the past week. Bitcoin continues to face resistance above $90,000, with limited directional conviction between $86,000 and $92,000.

Crypto trader Ansem has forecast Bitcoin could pull back to $80,000 before year-end, citing chart patterns and weakening momentum after BTC's rejection at $93,000 earlier this week. His analysis identifies the $80,000 level as a key liquidity zone with historical support. Q4 2025 currently shows a -22% return, contrasting with the 47.6% gain recorded in Q4 2024.

Ethereum holdings on centralized exchanges dropped to 8.7% of total supply last Thursday, marking the lowest level since the network's mid-2015 launch, data show. The decline represents a 43% reduction since early July, driven by staking protocols, Layer-2 bridging, and institutional accumulation removing ETH from available markets. Bitcoin exchange balances currently stand at 14.7%, significantly higher than Ethereum's depleted reserves.

Bitcoin remained below its daily Bollinger mid-band as the first week of December closed, with market sentiment reflecting extreme caution. Shiba Inu reversed its 12% two-week advance, returning to the $0.0000084 level. XRP posted a -7.24% weekly decline, the weakest performance among top-10 cryptocurrencies, yet maintained support above $2.

The altcoin market displays potential bottom signals amid Bitcoin's consolidation phase. Open Interest across non-BTC/ETH assets climbed 1.85% to $17 billion. A trader opened a $300 million leveraged position across ETH, XRP, and HYPE, currently facing $20.64 million in unrealized losses.