Bitcoin Misses Out on Wall Street Cheer to Stall Near $87,000

Core Insights - Bitcoin is experiencing a lack of momentum, trading around $87,370 within a narrow range of $85,000 to $90,000, indicating a year-end standstill for the cryptocurrency [1] - The cryptocurrency has declined approximately 30% since a significant selloff in October, marking its worst quarterly performance since Q2 2022 [2] - The market is struggling to recover post-October crash, with thin trading volumes and diminished retail speculation, while US spot Bitcoin exchange-traded funds have become net sellers in Q4 [3] Market Comparison - In contrast to Bitcoin, US stocks are experiencing a "Santa rally," with the S&P 500 reaching record highs, benefiting retail investors who remained invested in technology and momentum stocks [4] - Gold has reached new all-time highs near $4,500 per ounce, achieving over 70% gains this year, positioning it as a strong hedge against uncertainty and a reliable store of value [5] Bitcoin's Position - Bitcoin has failed to join the year-end rally, remaining down more than 7% for the year, despite being marketed as "digital gold" [6] - The cryptocurrency's inability to attract defensive capital flows, unlike gold, highlights its sidelined status in the current market environment [6] - Technically, Bitcoin has fallen below its 365-day moving average of approximately $102,000, which had previously served as key support, raising concerns about a potential deeper pullback [7]