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Bitcoin traded quietly on Christmas Day, holding around $87,489 as subdued volumes replaced the volatility often seen during major market sessions.
The world’s largest cryptocurrency hovered near the lower end of its intraday range, reflecting caution rather than festive optimism among traders.
On the daily chart, bitcoin continued to retrace from its recent swing high of $94,652, signalling a pause in the broader upward momentum.
Price action remained anchored within a repeatedly tested support band between $86,000 and $87,000, which has provided short-term stability.
Market candles showed small bodies and frequent doji formations, highlighting indecision and a lack of strong directional conviction.
Analysts noted that while the broader trend remains corrective following an uptrend, bullish momentum has yet to reassert itself.
The four-hour chart reinforced this consolidation narrative, with bitcoin recovering from a dip to $86,363 before stalling near $88,000.
Trading volume continued to decline, suggesting participants were reluctant to commit capital during the holiday period.
A sustained breakout above $88,800 has so far failed to materialise, keeping price action locked in a sideways pattern.
On the one-hour chart, bitcoin oscillated between bearish and neutral conditions after a brief rebound to $87,976 lost momentum.
Short-term price movement narrowed to a tight band between $87,300 and $87,800, underscoring trader exhaustion.
Technical indicators offered little clarity, with the relative strength index at 43 and the stochastic oscillator at 34, both signalling neutrality.
The commodity channel index registered at -62, while the average directional index at 23 reflected weak trend strength.
Although the awesome oscillator remained negative and MACD levels stayed below zero, mild bullish divergence hinted at latent upside potential.
Moving averages continued to weigh heavily on sentiment, with all major exponential and simple averages positioned above current price levels.
The 10-period exponential moving average sat near $87,962, while the 200-period simple moving average loomed far higher at $107,611.
Analysts said this configuration represents a firmly bearish technical structure unless price can reclaim key resistance zones.
Market observers described bitcoin as range-bound and directionless, awaiting a decisive catalyst to break the stalemate.
Bulls are expected to regain confidence only if bitcoin closes above $88,000 with strong volume on higher timeframes.
Conversely, a break below $86,000 could expose downside risk towards $84,000 or even $80,500 if selling pressure accelerates.
For now, traders remain watchful, balancing technical signals against thin liquidity and muted holiday sentiment.
At the time of reporting, Bitcoin price was $87,781.53.