Bitcoin Price Struggles At $88,000 On Weak Holiday Trading

The bitcoin price hovered below $90,000 near $80,000 today as traders made another late push to recover year-end losses during thin holiday trading, but the market again lacked the conviction needed for a sustained breakout.

The bitcoin price stood at $88,063 at the time of writing, up about 1% over the past 24 hours, according to market data. Trading volume totaled roughly $40 billion, reflecting muted participation as December draws to a close. 

Bitcoin is now about 1% below its seven-day high of $89,201 and roughly 1% above its seven-day low of $86,855.

The world’s largest cryptocurrency has a circulating supply of 19,969,296 BTC, with a hard cap of 21 million coins. Bitcoin’s total market capitalization is approximately $1.76 trillion, up 1% from a day earlier.

Bitcoin pushed toward the $90,000 level yesterday for a second straight session before the rally stalled once again. Price action remains confined to a broad range between roughly $85,000 and $95,000, a structure that has defined the market since a sharp October sell-off. 

That drawdown followed Bitcoin’s all-time high in early October, when prices were up nearly 30% on the year.

Since then, sentiment has shifted. The bitcoin price is now down about 5% from last December, putting it on track for its first annual loss in three years.

“I’d continue to expect exaggerated moves on light flow through New Year’s,” Jasper De Maere, desk strategist at Wintermute, said in a note to Bloomberg.. He cautioned traders against relying too heavily on short-term signals until liquidity returns to normal levels.

The recent price stagnation contrasts with the broader recovery in traditional risk assets. Bitcoin began the year with a strong rally fueled by optimism around crypto-friendly policies under the second Trump administration. 

That enthusiasm faded as uncertainty surrounding President Donald Trump’s tariff agenda rattled global markets.

Bitcoin price battling with leveraged traders

While U.S. equities have largely rebounded from those shocks, Bitcoin has struggled to regain momentum. The October downturn was compounded by a wave of liquidations after leveraged positions reached record levels. On Oct. 10, a sharp sell-off flushed out long exposure and reset market positioning.

Demand for spot Bitcoin exchange-traded funds has also weakened. According to data by Bloomberg, ETF outflows have reached roughly $6 billion in the fourth quarter, adding steady pressure as Bitcoin failed to reclaim the $90,000 threshold.

Holiday trading conditions have further distorted price action. Earlier this week, the bitcoin price swung sharply around $90,000 during low-liquidity sessions, posting fast gains and losses that lacked follow-through.

Prices briefly rose about 2.6% during thin trading and held above $86,000 over the week, but again failed to sustain levels above $90,000 during Asian hours.

QCP Capital said recent moves reflect a market short on participation. In a note, the firm…