On Dec. 23, Bitmain reduced prices across hydro and immersion rigs, with TheMinerMag citing container bundles near $4 per TH and some S19 Hydro quotes around $3 per TH, while S21 models were about $7–$8 per TH before coupons. Luxor data for November showed USD hashprice averaging $39.82 per PH per day and touching $35.06 on Nov. 22, pressuring margins and shaping buyer payback math.

Bitcoin is trading around $86,700 as it approaches the end of 2025, hovering on the 100-week simple moving average that has preceded major cycle corrections. Analysts note that previous breaks below this level led to 35%–55% declines, with some warning of potential moves toward $35,000–$50,000 while others point to whale long positions as a sign of a possible new bull phase.

Heading into New Year's Eve, Bitcoin is close to ending the year with a negative yearly candle, with Alex Thorn of Galaxy Digital noting the asset is down 6.3% year-to-date and 8.25% year-over-year and would require a close above $93,389 to turn 2025 positive. He highlighted that BTC has traded about 36% below its Oct. 6, 2025 all-time high of $125,296, even as US bitcoin ETFs retained most of their cumulative inflows and long-term holders have been distributing coins to newer buyers. Thorn argued that options positioning, whale selling, competition from other macro trades, and a shift in volatility structure are shaping the current consolidation, while Galaxy projects a potential move to $250,000 by the end of 2027.

In the final network recalibration of 2025, Bitcoin's mining difficulty was set at 148.2 trillion, up from 109.8 trillion on January 1, 2025. This roughly 35% yearly increase underscores rising competition among miners and sustained investment in more efficient hardware, even as Bitcoin's price has fluctuated.

Bitcoin recently pulled back from a cycle peak near $125,000 and is now trading around $88,000 after briefly exceeding $90,000, while gold and silver are advancing to fresh highs. The article attributes this divergence to a recurring market pattern in which capital first flows into defensive assets like precious metals before rotating into higher-risk assets such as crypto. Technical indicators such as RSI in the mid-40s, easing volume, and a recovering MACD suggest consolidation rather than a breakdown, with some prior cycles showing strong Bitcoin rallies after metals lose momentum.

Bitcoin is trading around $90,000 near year-end, with the latest price at $87,815 and a year-to-date decline of over 6%. Major institutions and analysts have issued diverging outlooks through 2026, with projections ranging from a possible downside to $25,000 to long-term targets as high as $500,000. These scenarios reflect differing views on Bitcoin’s role versus gold, regulatory conditions, ETF inflows, and potential boom-and-bust cycle dynamics.

At the start of the final week of 2025, Bitcoin failed to establish $90,000 as support while trading around $88,037 and closing in on the yearly candle. Derivatives data showed elevated volatility after a $24 billion options expiry, onchain metrics highlighted key realized price levels near $99,785, and Bitfinex whales pushed BTC long positions to their highest level in nearly two years as they position for 2026. Traditional markets and precious metals hit fresh highs while crypto lagged, but whale spot activity and large order sizes suggested accumulating demand, even as Bitcoin’s nearly 40% pullback from its $126,200 all-time high kept sentiment cautious.

Market commentators say a sharp divide has emerged between Bitcoin supporters and precious metals advocates after a year of strong moves for both sides, with Bitcoin’s long-term returns contrasted against gold and silver’s powerful rally. Analyst Adam Livingston cites roughly 27,700% gains for Bitcoin since 2015, versus about 400% for silver and 280% for gold, while critics such as Peter Schiff argue that shorter timeframes tell a different story. Other analysts highlight how macro factors, a weaker US dollar and expectations of Fed easing in 2026 are driving all three assets, suggesting Bitcoin does not need gold or silver to slow before it can rise again.