Bitcoin Today: BTC drops 2.5%, fails to break through the $90,000 mark

Source: PortaldoBitcoin Original Title: Bitcoin Today: BTC Falls 2.5% and Fails to Reach $90,000 Original Link: https://portaldobitcoin.uol.com.br/bitcoin-hoje-btc-cai-25-e-falha-em-conquistar-os-us-90-mil/

Market Trends

Although Bitcoin performed positively earlier this week, reaching an 8-day high of $93,000 yesterday, this rebound momentum quickly faded.

On Tuesday (23rd) morning, BTC dropped 2.5%, falling back to $87,527. Bitcoin faces resistance in breaking the $90,000 mark, market liquidity has decreased due to the approaching Christmas, and traders are closing positions. Meanwhile, investor interest in precious metals has increased, with gold and silver hitting record highs earlier this week.

Options Expiry and Market Volatility

QCP Capital analysts note that Bitcoin typically experiences 5%-7% volatility during Christmas, a pattern related to year-end options expiry rather than new fundamental catalysts.

A record options expiry is expected this Friday: approximately 300,000 BTC options contracts (worth $23.7 billion) and 446,000 Bitcoin ETF options contracts on major exchanges will expire.

Market Sentiment and Risk Factors

While there is still optimism about a Christmas rebound, confidence remains limited. Signs of market pressure have eased, but a clear outlook will only become apparent after the options expiry on Friday.

Another factor that could depress cryptocurrency prices is tax-loss harvesting before the end of the year (December 31). Unlike stocks or ETFs, crypto investors can realize losses for tax purposes and immediately rebuild their positions. In low-liquidity markets, this could intensify short-term volatility.

Outlook

Even if these factors materialize, the market is expected to return to normal in January as the holiday season ends.

“Price peaks during weekends in low-liquidity environments often correct when markets reopen, and the price action during the Christmas week usually loses momentum when liquidity returns in January. Therefore, unless we see a decisive breakout in a certain direction that significantly alters positions and expectations for 2026, the crypto market is likely to continue sideways, constrained by leverage, mechanical flows, and increasingly conflicting narratives.”