Bitcoin Eyes Key Breakout as Gold, Silver Set Post-Christmas Records

Bitcoin (BTC) aimed for $90,000 on Boxing Day as precious metals set yet another all-time high.

Key points:

• Bitcoin seeks a retest of $90,000 as TradFi markets return after the Christmas break.

• Gold and silver waste no time in setting new all-time highs, continuing their historic bull run.

• BTC price action attempts to ditch a downtrend in place since October.

Bitcoin traders look to options expiry relief

Data from TradingView showed BTC/USD was up more than 2% on Friday, with the Asia trading session sustaining the upside.

Ahead of the Wall Street open, traders eyed a giant Bitcoin options expiry event worth almost $24 billion.

As Cointelegraph reported, this was viewed as a chance for the market to reset, paving the way for price strength.

“As these contracts roll off, the hedging pressure that’s been keeping price compressed starts to disappear,” trader BitBull commented in a post on X. 

BitBull described recent BTC price action as lacking an “organic” component thanks to the influence of options.

Crypto trader, analyst and entrepreneur Michaël van de Poppe said that he saw conditions for crypto improving after the new year.

“January is a period where asset managers are reallocating their assets. If you look at most of the charts, where would you go?” he wrote on X.

Van de Poppe referred to outperformance on both gold and silver, which continued on the day with new record highs for both.

Silver had already overtaken Bitcoin by market cap to become the world’s third-largest asset, with gold on top and Nvidia at No. 2, per rankings from Infinite Market Cap.

BTC price analysis: Daily close “key” for breakout

“Rangebound,” meanwhile, continued to characterize short-term Bitcoin market moves.

Related: Bitcoin ETFs lose $825M in five days as US becomes ‘biggest seller’ of BTC

With both long and short entries difficult to judge, even the trip to near $90,000 sparked liquidations worth over $200 million in 24 hours, per data from CoinGlass.

“The daily close is key,” analytics account Crypto Ideology argued on the day, showing price attempting to escape a two-month downtrend. 

Bitcoin’s 50-day simple (SMA) and exponential (EMA) moving averages stood at $91,458 and $92,651, respectively, at the time of writing.

Van de Poppe described crypto as “significantly undervalued and mispriced,” eyeing a return of liquidity and a rematch with all-time highs “in the coming months.”

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