Bitcoin is holding near $90,000 as analysts frame the market between a mid‑cycle correction and the risk of a deeper downturn. Axel Adler Junior cites a -32% drawdown, moderate unrealised losses around 12%, and key thresholds at -35% and -40%. Ali Martinez flags a bearish pattern with a potential target close to $70,000.

On December 13, Bitcoin traded around $90,179 after falling 2.45% in the last 24 hours, with price action repeatedly testing support near $90,124. Short-term charts highlight the $90,000 zone as a key level, while midterm analysis points to $94,172 and $85,000 as important reference levels for the ongoing correction.

On 13 December 2025, index providers were shown to diverge over how to treat companies like Michael Saylor’s Strategy, whose market value is closely tied to Bitcoin holdings. Strategy kept its place in the Nasdaq 100 despite its Bitcoin-focused balance sheet, while an upcoming MSCI ruling could label such digital asset treasury firms as ineligible and, according to analyst estimates, may trigger over $1.5 billion in forced outflows from funds tracking those benchmarks.

Bitcoin's rebound after October–November corrections faces headwinds as the Inter‑Exchange Flow Pulse (IFP) drops below its 90‑day MA and enters the red zone, according to Arab Chain. The metric points to weakening bullish participation and potential consolidation. At press time, BTC is $90,338, with daily volume up 34.64% to $82.68 billion.

Throughout 2025, Bitcoin’s performance measured against gold has been in a near-constant decline, even as the BTC/USD chart showed a volatile surge toward roughly $124,700 in late October followed by a drop into the mid-$80,000s in November. The BTC/XAU ratio has slid about 45% from its Jan. 12 weekly peak and has trended lower for 46 consecutive weeks, leaving Bitcoin roughly 10% down in dollar terms but significantly weaker versus gold as 2026 approaches. This divergence challenges Bitcoin’s store-of-value narrative for allocators who benchmark against hard assets rather than fiat currencies.

On December 12, a 93 million dollars 5x BTC/USD long surfaced on a derivatives venue, according to data shared by trader Vivek Sen on X. CoinGlass figures highlighted by Mister Crypto show options open interest near record levels, while CryptoQuant data shared by Bitcoin Archive points to a spike in Binance withdrawals around the 91,000-dollar area. These signals suggest dense positioning and ongoing accumulation.

Itaú Asset Management, the investment arm of Brazil's largest private bank, has advised investors to assign 1% to 3% of their portfolios to Bitcoin in 2026 while BTC trades around the $90,000 area after a sharp pullback from October highs. The bank's research highlights Bitcoin's low correlation with traditional assets, as technical charts show price moving in a descending channel with key support near $80,638 and resistance around $102,152 and $116,453. At the same time, the Maxi Doge ($MAXI) presale has raised over $4.3 million, targeting buyers before annual staking rewards of 72% are reduced.

Vanguard has opened trading access for spot Bitcoin ETFs on its $12 trillion platform after a leadership change, while maintaining a cautious stance on crypto. On December 2, 2025, the firm indicated crypto-focused ETF trading would start Tuesday, and on Thursday an executive likened Bitcoin to a "digital Labubu," saying it lacks income and cash flow. Rival funds have drawn significant assets, including one reaching $70 billion.