$BTC Bitcoin: a resistance test

For the flagship of the cryptocurrency market, the year 2025 has been truly uneven. After the launch of spot ETFs in the United States, Bitcoin reached a new all-time high at the beginning of the year, with the market having a legal and direct access channel for funds that had previously been kept away from cryptocurrency. But a familiar pattern then emerged for BTC: a strong impulse due to news quickly gave way to profit-taking and consolidation, while new drivers capable of sustaining the trend for months did not appear.

By the end of December, BTC was trading around 88,000 dollars and remained about 6% below its level at the beginning of the year, meaning that 2025 is ending with a decrease of about 6%. For Bitcoin, this is an important signal: even though ETFs are in place, the market does not guarantee growth if overall demand for risk assets is low.

The main difference in 2025 lies in the structure of demand. ETFs have increased base institutional participation and lowered barriers to entry, but they have also made price dynamics more market-focused. Growth has become more dependent on inflows and outflows of funds and the overall liquidity regime.