Bitcoin’s price has slipped about 2.1% over the past week, putting the spotlight back on BTC as traders weigh what the final weeks of the year might bring. After months of strong gains, the recent pullback has introduced a sense of caution, with investors closely tracking technical levels, ETF activity, and on-chain trends to judge whether another major move is ahead.
At the moment, the market is sending mixed signals. On one hand, institutional investors have been pulling money out of spot Bitcoin ETFs, a trend that usually adds short-term pressure to prices. On the other hand, corporate accumulation of Bitcoin continues, reinforcing the idea that long-term confidence in BTC hasn’t disappeared. This contrast has left Bitcoin hovering in a tight range, waiting for a clear catalyst.
Mid-December brought a sharp reminder of how quickly sentiment can shift. On Dec. 15, selling pressure spiked, triggering roughly $200 million in long liquidations within an hour. That sudden wave pushed Bitcoin below the $87,000 support level, with prices briefly dipping toward $85,000. Since then, BTC has found some stability and is now trading close to the $90,000 mark. While the bounce looks encouraging, bears still appear to have an edge in the short term.
Despite the drop, the move doesn’t yet look like a trend reversal. Selling pressure has remained relatively light, suggesting this could be a healthy correction rather than the start of a deeper decline.
For bulls, the $88,000 to $89,000 zone is critical. This area acts as a major resistance level, and reclaiming it would signal renewed strength. A clean breakout could open the door for a move toward $92,000 to $95,000. Clearing that range would likely shift sentiment in favor of the bulls and revive discussions around a possible run toward the $100,000 milestone before the year ends.
However, the downside risks can’t be ignored. Support at $86,000 is a key line in the sand. If Bitcoin fails to hold this level, prices could slide toward $84,000, with a deeper pullback extending to around $80,500. Such a move would likely shake out weaker hands and delay any meaningful recovery until early 2025, especially if ETF outflows and broader economic concerns persist.
Overall, Bitcoin appears to be at an important inflection point. Short-term momentum still favors the bears, but weakening selling pressure hints that downside energy may be fading. As long as BTC stays above $86,000, recovery scenarios remain on the table. A push above $92,000 would strengthen the bullish case and could set the stage for an ambitious year-end rally. For now, the outlook remains neutral to cautiously bullish, with all eyes on whether Bitcoin can reclaim higher ground in the days ahead.
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