Gold, silver, and equities are pushing higher, but Bitcoin remains range-bound amid debate over market manipulation.
Gold and silver have pushed to new highs, while US equities have reached near record levels. However, Bitcoin BTC $87 780 24h volatility: 2.4% Market cap: $1.75 T Vol. 24h: $38.96 B has been moving sideways after a sharp correction.
The leading crypto is down 30% from its October peak and is heading for its worst fourth quarter in seven years.
Bitcoin is trading near $87,500 at the time of writing, down 2.4% on the day. Since October, the cryptocurrency has lost more than $700 billion in value, with the total market cap currently around $1.74 trillion.
Several market analysts argue the ongoing correction lacks a clear trigger like major negative news, scandals, or macro shocks.
Analyst Bull Theory called the trajectory “pure market manipulation.”
GOLD – new ATH
SILVER – new ATH
S&P 500 – near ATH
NASDAQ – near ATH
DOW – new ATHWhile Bitcoin is down -28% from its peak, having the worst Q4 in the last 7 years without any negative news, FUD, or scandal.
There is no explanation for this except pure market manipulation. pic.twitter.com/GHP0fkFIgF
— Bull Theory (@BullTheoryio) December 22, 2025
Another analyst, Ash Crypto, pointed to upcoming US crypto market structure legislation expected in January.
He argued that clearer rules could reduce manipulation and allow Bitcoin to “catch up” with stocks.
Crypto market structure bill will get passed in January.
This can stop a lot of manipulation in the a market and hopefully we will see Bitcoin catch up with stocks and pump to $110k+ 🚀
— Ash Crypto (@AshCrypto) December 22, 2025
The analyst projects a BTC price rally above $110,000 once regulatory clarity arrives.
Risk Curve View
Meanwhile, market expert Daniel Kostecki said Bitcoin is behaving as expected on the risk curve.
When liquidity falls, high-risk assets are sold first. Stocks and metals benefit from deeper capital pools, while crypto faces faster downturns during risk-off periods.
nope – it is called risk curve. With falling liquidity the alternative investments are first to be sold off pic.twitter.com/TpGZxSLwek
— Daniel Kostecki, CAI (@Dan_Kostecki) December 22, 2025
According to CryptoQuant analysts, Bitcoin is still treated as a high-beta asset, not a true safe haven.
In risk-off markets, capital flows first into gold and government bonds, leaving Bitcoin dependent on marginal demand.
Bitcoin apparent demand has recently turned negative, which means new buyers are not stepping in.
Bitcoin apparent demand. | Source: CryptoQuant
Meanwhile, Short-Term Holder SOPR suggests many short-term holders are selling at a loss or near breakeven. This behavior adds selling pressure on every price rebound.
Bitcoin short term holder SOPR. | Source: CryptoQuant
Santa Rally Canceled?
QCP Capital noted BTC is range-bound due to thin liquidity ahead of the Christmas holiday season and year-end institutional deleveraging. Bitcoin perpetual open interest has fallen by roughly $3 billion.
QCP said weakening liquidity ahead of the Christmas holiday and year-end institutional deleveraging have kept BTC range-bound. BTC and ETH perpetual open interest fell by roughly $3 billion and $2 billion, respectively. QCP added that year-end tax-loss selling could increase…
— Wu Blockchain (@WuBlockchain) December 23, 2025
QCP also flagged tax-loss harvesting before year-end, as investors sell assets at a loss to reduce their tax bill.
This could also bring short-term volatility for BTC. The crypto firm predicted no major Bitcoin price rally before 2026.
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