The Bitcoin price briefly passed the $90,000 mark earlier Monday, rising from $88,000 in Asian hours to just above $90,000 in European and US afternoon trade.
The surge didn’t last long as the bitcoin price fell close to $88,000 by the end of the afternoon.
BTC has shown a pattern in recent weeks of gaining momentum during Asian and European hours, only to see those gains fade as US investors re-enter the market.
Data from CoinGlass shows that bitcoin futures open interest rose earlier in the day toward $60 billion across major trading venues, including Binance, CME and Bybit. The increase suggests that new leveraged positions are entering the market, rather than simply short covering.
Rising open interest along with higher prices does not necessarily signal immediate problems. But it increases the effort. If momentum stalls, crowded long positions can unwind quickly, leading to steep pullbacks.
Conversely, if the rally holds, leverage can amplify the upside potential.
A sustained move and hold above $90,000 could signal a shift away from the pattern of sharp early selloffs that has characterized much of December. A sustained hold above this level would indicate bullish momentum, while failure to do so could indicate a continuation of the market’s trend to lower highs and rapid pullbacks.
Bitcoin price technical levels
Support for the bitcoin price remains near $84,000, a level that has proven resilient in recent weeks. Immediate resistance lies at $91,400, with the next key level at $94,000. Beyond $94,000, analysts point to $98,000 and a zone between $101,000 and $108,000 as strong resistance.
Close above $108,000 could challenge assumptions that the 2025 bitcoin price peak marks a long-term top, according to Bitcoin Magazine analysis.
Despite the rally, the US macroeconomic environment remains an important influence on bitcoin’s price trajectory. The Federal Reserve’s policy path is uncertain, in part because of delays in key inflation numbers caused by the recent government shutdown.
This was told by Gabriel Selby, head of research at CF Benchmark DLNews that until the Fed receives several months of uninterrupted inflation readings, market participants are unlikely to fully commit to risk assets like bitcoin.
Investors are also monitoring upcoming US economic indicators. Third-quarter GDP figures are due tomorrow, with forecasts pointing to around 3.5% annual growth, slightly below the second quarter’s 3.8% pace. Consumer confidence data and weekly jobless claims will provide further insight into the labor market, potentially influencing risk appetite.
Potential ‘Santa Rally’
Historical seasonality provides some reason for optimism. The S&P 500 has often risen during the last five trading days of December and the first two days of January, a pattern known as the “Santa Claus Rally.” BTC’s correlation with stocks via ETFs means that a celebratory push in stocks could spill over into the crypto market.
Bitcoin’s Santa season has been mixed historically. Strong returns of 33% and 46% were recorded in 2011 and 2016 respectively, while other years saw declines. Overall, BTC has averaged a gain of around 7.9% in the period since 2011.
Gold has been a more consistent performer, delivering a cumulative return of 95% in the same window, and its recent record high above $4,400 per share. ounce should be strong.
Bitcoin price forecast
So far, the sellers are still in control near $89,000, about 30% below bitcoin’s October all-time high. Investors pulled nearly $500 million from spot bitcoin ETFs last week, signaling caution amid macro uncertainty.
However, according to Bitcoin Magazine data, if bulls maintain support above $84,000 and manage to hold gains above $90,000 during US hours, they could set the stage for a year-end rally.
The interplay of spot demand, futures leverage and macroeconomic signals will likely dictate whether the bitcoin price can sustain its push toward the key $94,000 and $101,000 levels in the final weeks of 2025.
BTC was trading at $88,368 at press time, with a 24-hour trading volume of $40 billion. The cryptocurrency’s market cap was around $1.76 trillion, with a circulating supply of 19.97 million coins and a maximum supply of 21 million.