Why is the Bitcoin price fluctuating within a narrow range?

On December 14, 2025, the Bitcoin price is fluctuating within a narrow range, the result of multiple factors such as macro policy digestion, the tug-of-war between bulls and bears, and the market waiting for key events. The specific reasons are as follows:

1. The benefits of the Federal Reserve's interest rate cuts have been digested: This week, the Federal Reserve completed its third interest rate cut of the year, but this policy had already been anticipated by the market. After the announcement, Bitcoin only experienced a brief surge before quickly falling back, leading to a "buy on expectations, sell on facts" scenario. Moreover, there is significant disagreement within the Fed regarding future policy paths, suggesting a higher threshold for future rate cuts, leaving the market lacking new macro favorable catalysts to drive a unilateral price trend.

2. The tug-of-war between bulls and bears is in a stalemate: On one hand, "whale" addresses holding 10 - 10000 BTC began to buy again after the end of November; on the other hand, demand for spot Bitcoin is weak, with significant slowdowns in fund inflows for spot Bitcoin ETFs and even some days of net outflows, leading to a cautious institutional attitude. At the same time, there is strong resistance in the $93,000 - $94,000 range, with multiple attempts to break through failing, while support exists in the $88,000 - $89,000 area, resulting in intense competition between bulls and bears within this range that is hard to break through.

3. The market is waiting for the Bank of Japan's policy decision: The market is closely watching the Bank of Japan's monetary policy meeting on December 18 - 19, with widespread expectations that it may end its ultra-loose policy and start raising interest rates. If rate hikes are implemented, it could lead to a return of international funds and adjustments in asset allocation, affecting Bitcoin. Prior to this, investors are generally maintaining a wait-and-see attitude and are reluctant to trade heavily, which has caused the Bitcoin price to be trapped in narrow fluctuations. $BTC #美联储降息