Bitcoin is trading in the high-$80,000s on Tuesday, December 23, 2025, as traders navigate thin holiday liquidity, renewed fund outflows, and a looming “mega-expiry” in crypto options that could amplify price swings into the end of the week.
At 05:03 UTC, a 1‑minute Coinbase BTC-USD candle showed Bitcoin changing hands around $87,876 (close), after a brief range between roughly $87,853 (low) and $87,911 (high) in that minute. 1
Later in the day, Bitcoin remained choppy but contained, last tracking around $87,620, down modestly versus the prior close, with the session’s range stretching roughly from the mid‑$86,000s to the high‑$88,000s (prices vary by venue).
Bitcoin price today at 5:03: what that timestamp tells traders
The 05:03 UTC print matters less because it’s a magical minute—and more because it sits inside the broader story of range-bound trading and fragile liquidity.
From the Coinbase minute candle at 05:03 UTC:
- Open/High: ~$87,911
- Low: ~$87,853
- Close: ~$87,876 1
That tight, rapid swing is consistent with the market’s current personality: quick rotations, stop-driven moves, and limited follow-through—conditions that tend to worsen as more traders close books ahead of year-end.
Why Bitcoin is moving today: three forces dominating Dec. 23
1) Crypto investment products just saw a sharp weekly outflow
One of the biggest “macro” headlines shaping BTC sentiment is the latest CoinShares fund-flows report, which said digital asset investment products saw about $952 million in weekly outflows—the first outflow week after a four-week inflow streak. CoinShares tied the reversal to delays around the U.S. “Clarity Act” (prolonging regulatory uncertainty) and concerns about whale selling. 2
Even if spot markets don’t instantly mirror fund flows, this kind of headline tends to hit Bitcoin in two ways:
- It dampens “buy-the-dip” confidence from allocators who have been leaning on ETF/ETP demand narratives.
- It raises sensitivity to other catalysts (like derivatives positioning), because the market lacks a strong “steady bid.”
2) A record Deribit options expiry is approaching
Bitcoin is also trading under the shadow of a record crypto options expiration. CoinMarketCap’s news desk reported that more than $28.5 billion in combined Bitcoin and Ethereum options are scheduled to expire on Friday on Deribit—described as the largest expiry in the exchange’s history and more than half of Deribit’s reported total open interest. 3
Why this matters:
- Large expiries can pull spot toward key “pin” levels (often discussed as “max pain”) as hedging flows adjust.
- Thin holiday liquidity can exaggerate the move—up or down.
FXStreet, citing a QCP Capital note, also emphasized that liquidity is thinning into the holidays, adding that BTC perpetual open interest fell by about $3 billion overnight and that Bitcoin has historically seen 5%–7% swings during the Christmas period, often linked to year-end options dynamics. 4
3) “Santa rally” is competing with gold’s strong bid and broader macro focus
While crypto traders watch options and flows, broader markets are heading into the holiday stretch with a different focal point: precious metals and macro data.
Reuters reported that precious metals and global stocks rose on Dec. 23, with investors looking ahead to a U.S. GDP report expected to show 3.3% annualized growth in Q3, and with safe-haven demand lifting gold and silver to record highs. 5
This matters for Bitcoin because, in risk-aware weeks, BTC often trades as a high-beta macro asset—especially when liquidity is thin. A strong bid in gold can also compete for “defensive” capital at the margin.
Today’s Bitcoin news and analysis roundup from Dec. 23, 2025
Strategy’s cash-first move: a signal that some crypto whales are turning cautious
A closely watched corporate Bitcoin buyer, Strategy (formerly MicroStrategy), is part of today’s conversation. Investors.com reported that Strategy recently raised roughly $750 million through a stock sale but did not immediately deploy the proceeds to buy more Bitcoin, instead allocating funds to build a sizable U.S. dollar reserve aimed at weathering a potential “crypto winter.” 6
That doesn’t automatically translate into a bearish BTC thesis—but it does reinforce a theme of risk management over aggressive accumulation as 2025 ends.
“Bitcoin vs. gold” is back—again
In a Dec. 23 commentary, The Guardian argued that investors have favored “real gold” over Bitcoin in 2025, citing gold’s sharp rise and Bitcoin’s weaker year, and highlighting factors such as risk-off sentiment, policy expectations, and institutional outflows as part of the backdrop for BTC’s slide from its October peak to the high-$80,000s. 7
Commentary is not a price feed—but the Bitcoin-versus-gold narrative is clearly resurfacing across mainstream finance as both assets compete for “macro hedge” attention.
Key Bitcoin levels to watch heading into the options expiry
In this kind of tape, traders tend to care less about narratives and more about levels—because breakouts or breakdowns can snowball quickly when liquidity is thin.
Based on today’s widely-circulated technical framing:
- $90,000: the psychological ceiling Bitcoin has struggled to reclaim decisively (a frequent “line in the sand”). 4
- Mid‑$94,000s: a potential next resistance zone if $90K breaks cleanly (technical target referenced by FXStreet). 4
- Mid‑$85,000s: an area frequently cited as key support on pullbacks. 4
- $96,000: highlighted as a “max pain” area in options commentary tied to the Deribit expiry narrative. 3
- $85,000 strike: cited as a major put concentration (and therefore a level that can matter if selling accelerates). 3
Meanwhile, today’s broad session range (across major feeds) has largely stayed within the upper‑$86K to upper‑$88K region, underscoring that the market is still coiling rather than trending.
Forecasts: what analysts are projecting next for Bitcoin
Forecasts are inherently uncertain—especially for an asset that can move several percentage points in a single day—but they shape positioning because they influence where “dip buyers” expect value and where sellers expect supply.
One of the most-circulated forecasts this week comes from Citi, as summarized in a MarketWatch report: Citi’s analysts outlined a base-case target of $143,000 in 2026, alongside a more bullish scenario above $189,000 and a bearish case around $78,500, tying the upside framework to continued adoption and ETF-related flows. 8
How traders are using forecasts right now:
- Bulls point to the idea that institutional channels (ETFs/ETPs) can resume inflows once volatility settles.
- Bears counter that flows are already wobbling (per CoinShares), and that year-end derivatives mechanics can still trigger sharp downside before any “2026 story” takes over. 2
The bottom line for Dec. 23: Bitcoin is stable—until it isn’t
Bitcoin’s ability to hold the high‑$80,000s while the market digests fund outflow headlines and prepares for a record options expiry is, by itself, a sign of resilience.
But the same ingredients that keep BTC range-bound can also cause abrupt moves:
- Thin liquidity (holidays)
- Large derivatives positioning
- Flow-driven sentiment shifts 4
For readers tracking “Bitcoin price today 5:03,” the key takeaway is that the $87,876 area at 05:03 UTC was less a turning point and more one snapshot inside a broader reality: Bitcoin is being steered by positioning and liquidity, and the next decisive move may come as options roll off and year-end books close. 1
