The bitcoin price entered December with notable volatility, dropping 8% early Monday to the mid-$84,000s before recovering to around $85,456 at the time of writing. The world’s largest digital asset is currently hovering around a crucial $85,000 mark — a price range that analysts suggest could dictate whether bitcoin’s value stabilizes or descends towards a more significant test of $75,000 in the upcoming weeks. The recent pullback continues a two-month downtrend, wiping out over 30% from Bitcoin’s record highs in October. In the last 24 hours, BTC fluctuated between $91,866 and $83,800, as thin liquidity and a spike in forced liquidations intensified the movement. Bitcoin price critical thresholds: $85,000, $84,000 — followed by $75,000? Bitcoin price wrapped up the week and month at $90,385, marking a short-lived green weekly candle. However, bears swiftly took charge, driving the price down towards $87,000.
The close stays under significant resistance at $91,400, presenting bulls with a challenging path ahead. Initial resistance tests at $91,400 and $93,000 were unsuccessful, with analysts from Bitcoin Magazine anticipating stronger resistance in the range of $98,000 to $103,000 should bulls manage to regain momentum. On the support side, $84,000 maintained its position this past week, although the bounce lacked strength. Bulls are focused on defending the 0.146 Fibonacci level at $87,000, but a failure to maintain $84,000 could pave the way down to $75,000. Additional support is found in the range of $72,000 to $69,000, while a more significant test could occur at $57,700 should selling pressure escalate. November’s monthly candle closed with a significant bearish trend, surpassing the previous green closes recorded from April to June. Despite the bitcoin price staying above the 21-month EMA, the recent close has confirmed a bearish MACD cross, indicating that we may see continued subdued momentum in the coming two to three months. This corresponds with the anticipated peak in the four-year cycle.
In the near term, bitcoin’s price is likely to fluctuate within a range as bearish sentiment consolidates, while bullish traders strive to regain the levels of $91,400 and $94,000. The market is currently experiencing downward pressure, prompting bulls to exercise caution as they look for a potential reversal. Bitcoin’s November candle wiped out three months of previous gains, solidifying a shift towards bearish monthly momentum. Analysts monitoring the four-year cycle indicate that the most recent data strengthens the case that October probably represented the cycle peak. Federal Reserve, Bitcoin price, and corporate Bitcoin moves. The Federal Reserve’s upcoming meeting on December 9–10 is generating significant anticipation. Markets are currently indicating an 80%–87% likelihood of a 25-basis-point rate cut — a development that usually bolsters risk assets and might elevate the bitcoin price. However, should the Fed maintain its current stance, analysts caution that the crypto market might experience another round of selling pressure.
This concern is particularly relevant given Bitcoin’s November close, which has confirmed a bearish MACD cross on the monthly chart — a historically significant indicator that frequently foreshadows extended periods of sideways trading and consolidation or decline. Bitcoin-linked equities experienced turbulence on Monday. Strategy Inc. (formerly MicroStrategy) has revealed the establishment of a $1.4 billion reserve intended to secure at least 21 months of dividend and interest payments, addressing investor concerns regarding the potential necessity to liquidate a portion of its 650,000 BTC holdings. The company has revealed a recent acquisition of 130 BTC, amounting to $11.7 million. The action helped to stabilize the stock following an early market sell-off that reached over 12% at certain points. At present, $MSTR’s stock has experienced a decline of 4% today. BlackRock has recently ramped up its internal exposure to the IBIT spot Bitcoin ETF, with its Strategic Income Opportunities Portfolio now boasting 2.39 million shares valued at $155.8 million — a notable increase of 14% since June. JPMorgan has introduced a structured note linked to IBIT, providing potential upside of up to 1.5x by the year 2028. Earlier this week, gold prices approached the $2,300 mark per ounce. As of now, bitcoin is trading at $85,456. On October 6, the bitcoin price soared to unprecedented levels, surpassing $126,000.