Bitcoin News Today: Bitcoin Pressed at $88,865 as Short-Term Sellers Cap Gains

Bitcoin, the world's largest cryptocurrency, has entered a period of stagnation as the weekend unfolds, with price movements remaining tightly compressed within a familiar range according to analysis. Traders are largely focused on short-term scalp opportunities rather than expecting a decisive breakout. Analysts warn that the holiday period, which historically brings low liquidity, could exacerbate volatility and amplify market moves.

The price of BTC has hovered around $88,000, unable to break above key resistance levels that have repeatedly repelled attempts at a sustained rally according to data. A dense wall of supply from underwater investors has formed a ceiling for Bitcoin, preventing it from gaining enough traction to spark a broader bullish trend. This standoff has left market participants in a holding pattern as they await a catalyst that could break the current range according to reports.

Meanwhile, a growing number of analysts and industry insiders remain bullish about Bitcoin's long-term potential. A new price model from CF Benchmarks suggests a base-case target of $1.42 million by 2035, with a bull case reaching as high as $2.95 million. Such a projection requires a 1,500% surge from Bitcoin's current price, driven by growing institutional adoption and improved regulatory clarity.

Why the Standoff Happened

Bitcoin's current price ceiling is largely attributed to the actions of loss-holders, who continue to offload their positions at key levels. This supply pressure is concentrated between $93,000 and $120,000, creating a dense wall of resistance that has repeatedly thwarted upward momentum according to analysis. The lack of sustained spot demand and weak derivatives positioning further compound the fragility of the market according to market data.

Glassnode analysts noted that Bitcoin remains below the 0.75 quantile at roughly $95,000 and has yet to reclaim the short-term holder breakeven level of $101,500. These thresholds are critical for signaling a potential shift in market sentiment. Without breaking through these levels, Bitcoin is likely to remain range-bound according to market analysis.

The weekend has seen limited price movement, with traders preparing for choppy action heading into the holiday season. Analyst Lennart Snyder pointed to key support and resistance levels as critical to watch, including the $88,865 wick test and the $87,420 support box.

The absence of a clear trend suggests a market in waiting, with participants focused on short-term volatility rather than directional bets.

What Analysts Are Watching

Market analysts are closely monitoring Bitcoin's ability to hold key levels, particularly the $87,420 support and the $89,375 resistance. A successful breakout above $89,375 could signal a return to the $90,400 region, while a breakdown below $87,420 may lead to further downward pressure according to market analysis. The holiday period, combined with low liquidity, increases the risk of exaggerated moves in either direction.

Ryan Yoon of Tiger Research said it's unlikely Bitcoin will experience a significant "rocket jump" before the end of 2025 due to prevailing bearish sentiment. However, a favorable reading on upcoming CPI data could trigger a short-term relief rally by easing concerns around inflation according to market data. This scenario highlights the delicate balance between macroeconomic factors and market psychology shaping Bitcoin's price action.

Institutional adoption and regulatory developments remain key themes for long-term bulls. The CF Benchmarks model estimates that Bitcoin could capture 33% of gold's market capitalization by 2035, delivering an annualized return of 30.1%. This would position BTC as a dominant global store of value, particularly if it gains further traction with institutional and sovereign actors according to analysts.

Risks to the Outlook

Despite the long-term optimism, near-term risks remain. The current price trajectory suggests that Bitcoin is in a bearish phase, having fallen over 30% from its October all-time high of $126,080 according to market data. A continuation of this trend could push BTC below $85,890, a level that would trigger more defensive trading behavior.

Moreover, China's ongoing mining crackdown has driven Bitcoin's hash rate to a three-month low, raising concerns about network security and miner profitability. This adds another layer of complexity to the asset's near-term outlook, as hash rate volatility could influence price stability according to market analysis. Analysts at Tiger Research also noted the risk of a deeper correction if institutional buyers fail to step in and absorb the downward pressure.

For now, Bitcoin remains in a holding pattern. While the long-term bulls continue to push for a $1.4 million or even $2.95 million price tag by 2035, the immediate path is clouded by short-term bearish forces. Traders are advised to remain cautious and focus on key support and resistance levels, as the market prepares for a choppy holiday period.