VanEck's mid-December on-chain study indicates long-term Bitcoin holders are transferring coins to newer participants. On Dec. 23, Daan Crypto Trades noted BTC traded near $87,545 while its 4H 200 EMA was around $91,102 and the 4H 200 MA near $89,201, keeping price below both gauges.

In December 2025, gold and silver extended gains while Bitcoin traded sideways, underscoring a split between haven demand and risk exposure. On-chain and activity metrics indicate softer participation, and Bitcoin is tracking its weakest fourth quarter since 2018, down nearly 22%, with prices near the 85,000–90,000 dollar range and fair value estimates around 88,000 dollars.

According to CyrilXBT in an X post this Monday, Bitcoin is nearing a key inflection, with $84,000–$88,000 acting as short‑term support and $100,000 marked as the decisive level. The analyst expects a gradual move toward $92,000–$95,000 if support holds, while a break below $84,000 could expose $76,000–$72,000; BTC was last above $87,000.

On December 23, MicroStrategy expanded its cash holdings to $2.2 billion after raising $748 million via stock sales, aiming to secure roughly $824 million in annual dividends over the next 30 months and support $1 billion in convertible bonds maturing in September 2027. During this period Bitcoin was trading around $87,716.35, highlighting the firm's effort to buffer against ongoing crypto market volatility.

VanEck's mid-December ChainCheck report argues that falling Bitcoin network hashrate often precedes stronger performance. The firm notes hashrate slipped about 4% in the month before December 15 and, since 2014, 90‑day returns were positive roughly 65% of the time during contractions versus 54% during expansions, framing miner stress as a contrarian tailwind.

In the month leading up to December 15, Bitcoin's network hashrate fell by 4%, a development VanEck analysts Matt Sigel and Patrick Bush characterize as a historically bullish contrarian signal for future price action. Since 2014, Bitcoin has recorded positive 90-day forward returns 65% of the time after a 30-day hashrate decline, compared with 54% when hashrate rose, and negative 90-day hashrate growth has preceded positive 180-day returns 77% of the time with an average gain of 72%. Bitcoin trades around $88,400, while mining profitability is shifting as electricity breakeven costs drop and roughly 1.3 gigawatts of capacity in China allegedly shut down, with some energy potentially redirected toward artificial intelligence demand.

As 2025 nears its end, Bitcoin is trading below a long-standing bull market channel after six weeks of failed attempts to reclaim it and is now consolidating under key resistance. Analysts are split between scenarios that include a possible move down toward $60,000 or a renewed push toward the $100,000–$105,000 area, while spot price hovers near $87,100 amid a weak fourth quarter.

Axel Adler Jr. reports the composite sentiment index fell to 40%, flagging risk-off conditions as Bitcoin trades near $87,400 under all short-term holder realized price bands. Nearby hurdles sit at $90,300 and then a cluster at $100,400–$101,800, while the broader realized price support stands at $56,300.