$BTC
is currently navigating a markedly different landscape than it was a year ago, trading at approximately $87,000 as of December 24, 2025, which represents a retreat from its staggering all-time high of over $126,000 reached earlier this year. In stark contrast, during late December 2024, Bitcoin was riding a wave of massive "euphoria," having just shattered the six-figure milestone for the first time to reach roughly $108,000 by mid-month.
While last year's analysis was dominated by the explosive impact of newly approved spot Bitcoin ETFs and the post-halving supply shock, today’s market is characterized by reduced volatility and a "cooling off" period.
Technically, Bitcoin is now in a consolidation phase, struggling to reclaim the $90,000 level and finding a "massive floor" between $80,000 and $84,000, whereas a year ago, it was consistently setting new price records almost weekly. Despite this 2025 pullback, on-chain data shows that long-term holders and corporate treasuries have locked up a significant portion of the supply, leading to thinner active liquidity compared to the highly active trading environment of late 2024
