Bitcoin Price Today (Dec. 12, 2025): BTC Slides Toward $90,000 — Why Bitcoin Is Down as Fed Pause Jitters and Tech Selloff Hit Risk Appetite

Bitcoin price today fell back near $90K after an early rebound. Here’s why BTC is down: Fed pause signals, AI-driven tech selloff, ETF-flow uncertainty, and key support levels.

Bitcoin price today is under pressure again, with BTC sliding back toward the psychologically important $90,000 handle after failing to build on an earlier bounce. The move has traders revisiting the same question that’s dominated crypto headlines for weeks: why is Bitcoin down today—again—even after the Federal Reserve cut rates?

As of the latest major-market pricing, BTC/USD was around $90,297, down roughly 1.6% over 24 hours, after trading between about $89,585 and $93,519 in the session. ^[1]

The short answer: Bitcoin is still behaving like a high-beta risk asset, and Friday’s drop fits a broader “risk-off” mood tied to AI/tech-stock volatility, higher yields, and a Fed that cut rates but signaled less easing ahead. Meanwhile, on-chain and flow data suggest the market remains stuck in a “rangebound” regime—where rallies invite selling and conviction is hard to sustain.

Bitcoin price today: what happened in the market on Dec. 12

Early in the day, Bitcoin actually looked steadier. One widely followed market update showed BTC up about 2.5% near $92,399 in morning trading, on track for a weekly gain as investors assessed the Fed’s latest move. ^[2]

But by later trading, Bitcoin gave back ground and slipped toward the lower end of its December range—an important detail for anyone wondering why the coin can’t “get going” despite supportive-sounding headlines.

A big reason is that crypto’s “macro narrative” didn’t deliver a clean tailwind:

The Fed did cut rates, but…
The tone wasn’t as dovish as many traders hoped, and…
Risk markets (especially AI-linked tech) saw fresh volatility—dragging sentiment across speculative assets.

Why is Bitcoin down today? 6 drivers behind the drop

Below are the major forces that repeatedly surfaced in today’s reporting and analysis—and how they connect to the BTC pullback.

1) “Hawkish cut” vibes: rate cut, but fewer future cuts implied

Yes, the Federal Reserve cut rates by 25 basis points this week. But analysts emphasized that policymakers signaled caution about additional easing into 2026, limiting the “risk-on” boost that crypto bulls were looking for. ^[3]

In practical market terms, this matters because Bitcoin’s post-2020 behavior has increasingly tracked:

liquidity expectations,
real yields,
and broader risk appetite.

When the market concludes, “the Fed isn’t going to fuel a big liquidity wave,” Bitcoin tends to struggle to break higher.

2) AI/tech-stock stress is spilling into crypto again

Friday’s broader market tone was risk-off, with tech-related shares falling as investors questioned the durability of AI-led spending and margins. Reuters highlighted renewed caution around AI bets after corporate signals from major tech names, while U.S. Treasury yields edged higher. ^[4]

That dynamic matters because in 2025 Bitcoin has often behaved less like an uncorrelated “digital gold” and more like a sentiment-driven risk asset—especially when tech is driving the tape.

3) Bitcoin remains “rangebound” — and rallies keep meeting supply

One of the most consistent features of December trading has been Bitcoin’s inability to hold breakouts. Investing.com described BTC as oscillating in a tight band and “struggling to generate sustained momentum,” even after the Fed move. ^[5]

A separate technical/macro note described how the post-Fed environment produced a brief risk-off move that pushed BTC down near $89.2K before recovering, underscoring how quickly BTC can swing without establishing a trend. ^[6]

4) ETF flows are improving… but not enough to “force” a breakout

Institutional demand is still a central story for Bitcoin—especially through U.S. spot Bitcoin ETFs.

One analysis cited SoSoValue data showing net inflows of $237.44 million in the week through Thursday, following a prior week of outflows—an improvement, but not the kind of surge that typically powers a clean trend move. ^[7]

The key point: if ETF demand fades again, BTC can become vulnerable—because a market that’s already thin on “fresh marginal buyers” can slide quickly when sellers show up.

5) Thin liquidity + defensive positioning = bigger moves on smaller catalysts

On-chain and derivatives research has been warning that Bitcoin is “anchored” but under strain.

A Glassnode report this week described:

negative ETF flow conditions,
thin spot liquidity,
subdued futures conviction,
and options markets showing a preference for downside protection and short-dated volatility. ^[8]

In that environment, Bitcoin can move sharply even without a single blockbuster headline—because there aren’t enough incremental bids to absorb sell pressure when it appears.

6) “Proxy pressure”: Strategy (MSTR) and crypto-related equities are in focus

Another headline risk today: Strategy (formerly MicroStrategy)—one of the market’s biggest Bitcoin proxies—faces scrutiny ahead of the Nasdaq-100 annual reshuffle.

Reuters reported that analysts have flagged the risk Strategy could be removed, and that removal could trigger about $1.6 billion in passive outflows, with a decision expected after markets close on Friday, Dec. 12, and any index changes effective Dec. 22. ^[9]

Even if this doesn’t directly force BTC selling, it can weigh on:

crypto equities (miners, exchanges),
Bitcoin proxies,
and overall sentiment—especially during fragile, rangebound conditions.

Today’s crypto headlines aren’t all bearish: U.S. regulator moves toward crypto trust banks

Notably, Dec. 12 also brought a pro-crypto regulatory headline in the U.S.

Reuters reported that the Office of the Comptroller of the Currency (OCC) granted conditional approvals tied to national trust bank charters involving major crypto firms, including Circle and Ripple, and approvals/steps for other firms tied to trust-bank conversions—moves seen as further integrating digital assets into parts of the U.S. financial system (without allowing deposit-taking or lending under those charters). ^[10]

This kind of headline can be supportive for the medium-term “institutionalization” narrative. But in today’s tape, it wasn’t enough to offset macro-driven selling pressure and the risk-off mood.

What the data says: the market is “stuck,” and time becomes the enemy

If you’re trying to understand why Bitcoin keeps slipping after small rebounds, the most useful framing right now may be market structure rather than “one piece of news.”

Glassnode’s recent read of conditions is essentially:

Bitcoin is holding a range,
but conviction is weak,
sellers (including long-term holders taking profits) remain active,
ETF flows and spot liquidity are not providing a strong cushion,
and options pricing suggests near-term caution. ^[11]

In a market like that, even neutral-to-good news can fail to launch a rally—because the dominant behavior becomes: sell the bounce, defend support.

Key Bitcoin levels traders are watching now

Several widely circulated levels show up repeatedly in today’s analysis:

$90,000: psychological pivot and near-term battleground.
$88,000: a commonly cited “line in the sand” support area in multiple recent market notes.
$94,000: a major resistance zone that BTC has struggled to reclaim; a close above is often cited as necessary to refocus the market on $100,000. ^[12]
$85,000: a downside target discussed in scenario analyses if $90K breaks and selling accelerates. ^[13]

From an on-chain framing, Glassnode also described a broader structural zone that has been “anchoring” price—highlighting levels far above and below current trading as reference points for where supply and demand have been strongest in this regime. ^[14]

Bitcoin forecast: where analysts see BTC going next

Forecasts are diverging sharply—because the next move depends heavily on whether liquidity returns and whether institutional flows strengthen.

Standard Chartered’s updated trajectory (more cautious than earlier bull calls)

A widely discussed bank forecast shift this month came from Standard Chartered research, as reported by Business Insider: the bank revised its targets, including a view around $100,000 by end-2025 and $150,000 by end-2026 (down from previous, more aggressive targets). ^[15]

The reasoning cited in that coverage: corporate “treasury” buying may no longer be a reliable engine, placing more weight on periodic ETF-driven demand. ^[16]

Near-term base case: consolidation unless flows and liquidity improve

A prominent Dec. 12 analysis framed BTC as still in a consolidation pattern, arguing that a sustained move toward $100K likely requires stronger demand (particularly via ETFs) and a clearer macro tailwind. ^[17]

In other words, the market isn’t short on narratives—it’s short on fresh, consistent buying power.

What to watch next: catalysts that could move Bitcoin after Dec. 12

If you’re following Bitcoin price action into next week, traders are watching a short list of catalysts that can change the liquidity/rates narrative quickly:

U.S. inflation data and labor-market releases (because they reshape the “how many cuts in 2026?” debate).
Central bank decisions internationally—especially the Bank of Japan, which can influence global rates and risk positioning.
Daily spot Bitcoin ETF flows, which remain one of the cleanest real-time indicators of incremental institutional demand.

Those catalysts were explicitly highlighted in today’s market analysis as key events capable of breaking Bitcoin out of its current holding pattern. ^[18]

FAQ: quick answers readers search for

Why is Bitcoin down today if the Fed cut rates?

Because the cut was widely expected—and the forward guidance and broader risk sentiment mattered more. Analysts highlighted that the Fed’s tone didn’t deliver the dovish “green light” that could drive a sustained risk rally, while tech/AI volatility and liquidity conditions kept crypto constrained. ^[19]

Is Bitcoin in a bear market right now?

“Bear market” depends on your definition. But multiple research notes describe a fragile, rangebound phase with sell pressure, muted liquidity, and defensive positioning—conditions that often feel bearish even without a waterfall-style crash. ^[20]

What price level matters most next week?

Most day-to-day commentary circles around $90,000 as the pivot, with $94,000 as the key resistance to reclaim for bulls—and $88,000 to $85,000 as a scenario zone if support fails. ^[21]

Bottom line: Bitcoin price today is down because macro and market structure are still in the driver’s seat: a Fed that’s cautious on future cuts, renewed AI/tech volatility, thin liquidity, and demand that’s improving only modestly. Until BTC decisively reclaims resistance (and ETF/spot liquidity conditions strengthen), the path of least resistance remains choppy—punctuated by sharp swings around the $90K line. ^[22]