Christmas Day BTC consolidates with narrow fluctuations, mainly oscillating within the 87,000-88,000 range, with the biggest short-term variable being the expiration of 237-285 million BTC options on December 26th. The strike prices are concentrated between 88,000 and 90,000, which will dominate short-term market fluctuations.

The Crypto Fear and Greed Index is at 24, in extreme fear territory. Open interest in futures has decreased, and speculative positions are actively closed, indicating a market with a strong wait-and-see sentiment. US stocks rose before the holiday, but BTC did not follow the Christmas rally. Since 2025, it has fallen by over 7%. Institutional capital is reluctant to enter, and the market is mainly driven by existing positions.

Key Levels
Support: 87,000 is the intraday lower boundary; 86,000-86,500 is the short-term vital support line. A break below could see a decline to 85,500-84,500.
Resistance: 88,000-88,500 is the intraday key resistance; strong resistance at 90,000. The middle Bollinger Band at 89,500 is under significant pressure.

Technical Analysis
The daily chart shows a bearish arrangement, with price below the middle Bollinger Band; 4-hour MACD is bearish with decreasing volume, RSI is oversold, indicating overall weakness and a correction phase. It is not a bottoming pattern, and low liquidity environments may lead to sharp price movements.

Short-term Strategy
Operate within the range: buy low at 87,000-87,500, sell high at 88,000-88,500. Be patient and wait for capital to flow back after the holiday and for ETF data to recover. If the price stabilizes above 88,500, it may attempt to push toward 90,000. A confirmed break below 86,000-86,500 suggests a bearish trend toward 84,500.

Follow the captain’s rhythm, precisely identify the high and low points within the range, avoid options volatility risks, and aim to recover profits steadily by year-end.
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