Bitcoin today: BTC drops 2.5% and fails to conquer $90,000

Source: PortaldoBitcoin Original Title: Bitcoin today: BTC falls 2.5% and fails to conquer $90,000 Original Link: Although the week started positively for Bitcoin, which yesterday reached its highest price in eight days at $90,300, the recovery movement lost momentum quickly.

On the morning of this Tuesday (23), BTC registers a decline of 2.5% on the day, bringing its quote down to US$ 87,527. In reais, the cryptocurrency is traded at R$ 491,136.

Bitcoin is facing resistance to break the $90,000 barrier as market liquidity decreases, with traders closing positions on the eve of Christmas. At the same time, investors are showing a greater appetite for precious metals, with gold and silver reaching new all-time highs earlier this week.

QCP Capital analysts reported in a note this Tuesday that, historically, BTC tends to register fluctuations of 5% to 7% during the Christmas period, a pattern often associated with year-end options expirations, rather than new fundamental catalysts.

“This Friday's record expiration is no exception. About 300,000 BTC options contracts, equivalent to $23.7 billion, along with 446,000 Bitcoin ETF options contracts, are set to expire,” analysts note.

For them, there is still a lingering optimism regarding a possible Christmas rally, albeit with “limited conviction.” At the same time, signs of stress in the market appear to be diminishing, but the scenario should become clearer only after the options expiration this Friday.

There is another factor that may pressure cryptocurrency prices at the end of this year: the realization of tax losses before the deadline of December 31.

“Unlike stocks or ETFs, which are subject to wash sale rules, crypto investors can realize losses for tax purposes and immediately re-establish positions. In low liquidity markets, this factor has the potential to amplify short-term volatility, rather than reduce it,” they explain.

Even if this happens, the trend is that the market will return to normal in January, with the end of the holiday period.

“Just like weekend spikes in low liquidity environments that often correct when markets reopen, price action during the Christmas week tends to lose strength as liquidity returns in January. Therefore, unless we see a decisive breakout in some direction that significantly redefines positioning and expectations for 2026, the crypto market is likely to remain sideways, trapped between reduced leverage, mechanical flows, and an increasing chorus of conflicting narratives.”