4 Charts Explain Bitcoin’s Price Condition Heading into Christmas 2025

As Bitcoin approaches Christmas 2025, trading around $93,000, the market is in a fragile, late-stage correction phase, according to four key charts. The first chart shows Short-Term Holders (STHs) are deeply underwater (around -10% loss), which caps rallies as they seek break-even, though this also signals weak hands are being flushed out. The second chart reveals that "new whales" have capitulated, realizing significant losses, which improves the holder base quality medium-term. However, macro conditions remain dominant, as evidenced by the third chart showing Bitcoin tracking inverted two-year US real yields; rallies require easing real borrowing costs. Finally, the fourth chart shows a positive shift as Spot Taker Buyers are returning, indicating aggressive buying is re-emerging on spot exchanges. Overall, the market is range-bound with a bearish tilt near $90,000, awaiting a clear bullish trigger: price reclaiming the STH realized price, lower real yields, and sustained Taker Buy dominance.

(Source：BeInCrypto)