2025-12-25 06:20:22

The Christmas holiday is approaching, and liquidity in the crypto market has plummeted, but the downward price trend is telling a different story.

Bitcoin is hovering around $87,500, while gold hits new highs. Meanwhile, it feels as if an invisible hand is choking it. This Friday, the $23 billion Bitcoin options expiration— the largest single-day options expiry in cryptocurrency trading history— has failed to stir even a ripple in the market. This eerie calmness is instead sending chills down the spine.

Looking at the technicals reveals the reason. Bitcoin has broken below the key support level of $88,000, forming a classic bearish pennant pattern. The 50-day moving average has crossed below the 200-day moving average, signaling a "death cross" among traders. Usually, this indicates that the medium-term trend is weakening.

Ethereum is also having a tough time. It keeps testing around $2,950, trying to reclaim the psychological $3,000 level, but each attempt is pushed back. The total cryptocurrency market cap fluctuates around the $3 trillion mark, and market sentiment has long been stretched thin.

The Fear and Greed Index has dropped to 24, indicating extreme fear. Meanwhile, in traditional assets, gold is celebrating a historic high, highlighting an even more pronounced temperature difference between the two markets.

BTC0.26%

ETH-0.13%

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OnchainDetective

· 5h ago

23 billion options expired with no movement? That's unbelievable. According to on-chain data... there must be big players secretly transferring chips. I suspected it would be like this a long time ago.

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NftMetaversePainter

· 5h ago

actually, the true algorithmic beauty here lies in how these market primitives are orchestrating a paradigm shift through their very collapse... the death cross isn't just technical noise, it's a blockchain-native commentary on the insufficiency of traditional candlestick aesthetics to capture the computational reality beneath.

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FreeRider

· 5h ago

The death cross is back again. Is this really different this time? I don't believe you.

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bridgeOops

· 6h ago

Death cross is here again. Is this time really going to break the bottom line? Gold is happily reaching new highs, while Bitcoin is being suppressed here. Can't even smile. This bizarre calm is ridiculous. 23 billion in options expiration with no movement, feeling like dark currents are surging. Fear index is at 24. I'm almost breaking apart, still hesitating whether to buy the dip. When liquidity drops, these institutions start to run on liquidity. Who will come to rescue during the Christmas holiday? Can’t hold 87,500 support, really going to drop further? Feels like betting on a rebound. Ethereum is stuck at 2950, can't break 3000. So annoying.

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