Bitcoin is trading near 87,500, extending consolidation below its 20-day simple moving average for an eleventh consecutive session.
Price action remains confined to the broader 84,200 to 93,600 range that has dominated trading for more than a month.
Analysts say the prolonged sideways movement highlights growing indecision among market participants.
Bitcoin is now heading for its weakest quarterly performance since April 2022.
The cryptocurrency is down more than 23% this quarter and is set to close a third straight month lower.
Data shows Bitcoin finished six of the twelve months of 2025 in negative territory.
Despite intermittent rebounds, the asset remains more than 6% lower on a year-to-date basis.
Weakness in Bitcoin comes as gold continues to post record highs, attracting defensive capital flows.
US equities are simultaneously positioning for a traditional year-end Santa rally.
Additional pressure followed Strategy’s announcement that it plans to sell stock to prepare for a possible crypto winter.
Momentum indicators continue to reflect trader fatigue rather than renewed bullish conviction.
The MACD remains negative but holds marginally above its signal line.
The relative strength index is flat and remains below the neutral 50 level.
Analysts say this combination suggests limited upside momentum in the near term.
Initial downside support is located near the 86,000 psychological threshold.
A sustained break lower could expose the 84,300 range floor.
Deeper losses would target a full retracement of the October rally near 80,500.
Recovery potential remains if Bitcoin reclaims the 20-day SMA pivot.
At the time of reporting, Bitcoin price was $86,877.94.