At 10:46 UTC on December 23, 2025, Bitcoin (BTC) was trading around the mid–$87,000s, slipping back after failing to hold a push above the $90,000 psychological level earlier in the week. [1]
The setup heading into Christmas week is unusually “mechanical”: ETF flows, derivatives positioning, and liquidity conditions are doing more of the driving than any single headline catalyst. Multiple market notes published today point to the same message: thin liquidity can magnify moves in either direction, and the next major “pressure point” is the record options expiration due Friday (Dec. 26). [2]
Bitcoin price today (10:46 UTC): where BTC stands right now
- BTC price at ~10:46 UTC: roughly $87.3K–$87.5K [3]
- Key near-term ceiling:$90,000 (rejection/failed reclaim) [4]
- Key near-term support zone: mid $85,000s (levels highlighted in today’s technical outlook) [5]
A separate market brief published early Tuesday put BTC around $87,448, down nearly 2% over 24 hours, with an intraday band that included highs near $90,260 and lows near $87,111—a reminder that even “range-bound” can still mean thousands of dollars of movement. [6]
Why Bitcoin is moving today: three forces dominating Dec. 23 trade
1) Spot Bitcoin ETF flows flip negative again
One of the most consistent explanations across today’s coverage: institutional demand looks cautious.
Data referenced in a leading morning technical note showed U.S.-listed spot Bitcoin ETFs posted about $142 million in net outflows on Monday (Dec. 22), marking the third consecutive day of withdrawals in that data set. [7]
Another roundup published today reinforced the same number (~$142.2 million outflow) and added detail: BlackRock’s IBIT was a small bright spot with modest inflows, but not enough to offset selling across other funds. [8]
The takeaway traders are drawing from these flow prints isn’t necessarily “panic”—it’s hesitation. In holiday conditions, even modest outflows can matter more because liquidity is thinner and fewer participants are willing to step in aggressively.
2) Holiday liquidity is thinning — and leverage is being cut
The second major driver is the calendar itself.
A market note summarizing QCP Capital’s observations said liquidity has dropped noticeably as desks reduce risk into the holidays, with Bitcoin perpetual open interest falling by roughly $3 billion overnight (and Ethereum’s by about $2 billion). [9]
That matters because when leverage is reduced but order-book depth also fades, prices can jump more easily on relatively smaller flows—especially around well-known event dates (like a major options expiry).
3) The market is bracing for a record options expiration on Dec. 26
The looming Boxing Day options expiry is the dominant “known unknown” this week.
A Dec. 23 report referencing QCP Capital described a record expiry featuring roughly 300,000 BTC options contracts (~$23.7 billion), plus a large number of IBIT options contracts expiring at the same time. [10]
That same report highlighted:
- Strike concentration around $100,000 (calls) and $85,000 (puts)
- An estimated “max pain” area near ~$95,000
- A key question for post-expiry trading: whether protective puts around $85,000 get rolled forward, closed, or replaced at lower strikes [11]
In plain terms: as those contracts approach expiration, hedging flows can pull spot price toward heavily trafficked strikes, then release that “gravity” once the event passes—sometimes leading to sharp post-expiry moves.
Strategy (MSTR) turns more defensive — and traders are paying attention
Today’s coverage also focused on Strategy (the company led by Michael Saylor, and one of the market’s most watched corporate Bitcoin holders).
A widely cited update said Strategy increased its U.S. dollar reserve by roughly $748 million, bringing the total to about $2.19 billion, while signaling a more defensive posture. The same report pegged Strategy’s holdings at roughly 671,269 BTC with an indicated value near $60 billion at the time of writing. [12]
Why does that matter for Bitcoin’s price today?
Because during this cycle, Strategy’s “buy-the-dip” behavior became a narrative tailwind. A shift toward cash-building instead of immediate BTC purchases can be read—fairly or unfairly—as a sign that a major “reflexive buyer” is less price-insensitive into year-end.
Macro backdrop: gold is thriving, Bitcoin is acting like a stressed macro asset
It’s not just crypto-specific plumbing. The broader macro conversation today is that traditional safety is “working” in gold, while Bitcoin’s “digital gold” narrative is not dominating price action this month.
A Reuters markets wrap on 2025’s performance described gold’s outsized year and noted that Bitcoin hit an all-time high above $125,000 in October before sliding sharply and trading far lower later in the year. [13]
Another Reuters column on “safety” trades made the point more bluntly: precious metals outperformed, while crypto tokens like Bitcoin—often promoted as a haven—were ending the year in the red. [14]
Meanwhile, a Dec. 23 market-structure analysis argued that even with softer inflation prints and multiple Fed cuts, Bitcoin’s response has been muted because real yields remain meaningfully positive and crypto market depth has thinned, leaving BTC more vulnerable to choppy, liquidity-driven moves. [15]
Technical outlook published today: the levels traders keep repeating
Several Dec. 23 notes converge on a simple technical map:
- Resistance:$90,000 remains the key psychological barrier
- If BTC closes above $90,000, one technical roadmap points to ~$94,253 as the next resistance
- Support: a cluster in the mid-$85,000s, including levels around $85,869 and $85,569
- Momentum gauges cited in that outlook showed RSI near 42 (below neutral), while MACD flashed a bullish crossover, suggesting downside momentum may be fading—but not yet reversed [16]
In other words: bulls have an argument for stabilization, but bears still have the argument that the market hasn’t reclaimed the level that matters.
Forecasts and analyst outlooks from Dec. 23: what the market is expecting next
Forecast language in today’s reporting is notably cautious, and it largely comes down to timing:
Short-term forecast (Christmas week): range first, then reaction to expiry
A QCP-focused report expects price action to remain range-bound unless a decisive breakout forces repositioning. It also notes that historically, BTC often experiences mid-single-digit percentage swings during the Christmas period, frequently tied more to options mechanics than new fundamentals. [17]
Volatility forecast: tax flows + thin books can amplify moves
The same report flags year-end tax-loss harvesting as another volatility accelerant. The logic is that crypto investors may realize losses and re-enter quickly, which can increase churn when liquidity is already thin. [18]
Macro-to-crypto forecast: “good news” isn’t enough without clean data and liquidity
A Dec. 23 macro-crypto analysis argued that even with improving headline inflation and rate cuts, markets are treating some data as noisy (given disruptions) and watching whether liquidity meaningfully improves into January. It also highlighted how reduced market depth can mute rallies and worsen drawdowns. [19]
What to watch next: the dates and datapoints that could move BTC
Here are the near-term catalysts most emphasized across today’s coverage:
- Friday, Dec. 26 — record options expiry: Expect volatility around expiration and potential repositioning afterward. [20]
- Year-end positioning into Dec. 31: Holiday liquidity, tax-related flows, and rebalancing can all distort moves. [21]
- ETF flow trend: Whether spot Bitcoin ETFs stabilize or continue bleeding is a key “real money” signal traders are watching. [22]
- Macro rate expectations: Stronger U.S. growth data published today has the potential to reduce expectations of near-term rate cuts—an input that matters for risk assets broadly. [23]
Bottom line
As of 10:46 UTC on Dec. 23, 2025, the Bitcoin price remains stuck in a familiar holiday pattern: trading in the high-$80Ks, struggling to reclaim $90,000, and reacting more to flows, hedging, and liquidity than to a single new narrative. [24]
With ETF outflows back in focus and a record options expiry days away, traders are treating this as a market where the next big move could be triggered by positioning, not necessarily by “breaking news.” [25]
This article is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are volatile, and prices can change rapidly.
References
1. www.fxstreet.com, 2. www.fxstreet.com, 3. www.fxstreet.com, 4. www.fxstreet.com, 5. www.fxstreet.com, 6. mpost.io, 7. www.fxstreet.com, 8. www.tradingview.com, 9. mpost.io, 10. mpost.io, 11. mpost.io, 12. www.fxstreet.com, 13. www.reuters.com, 14. www.reuters.com, 15. cryptoslate.com, 16. www.fxstreet.com, 17. mpost.io, 18. mpost.io, 19. cryptoslate.com, 20. mpost.io, 21. mpost.io, 22. www.fxstreet.com, 23. www.reuters.com, 24. www.fxstreet.com, 25. mpost.io
