New york: Bitcoin's price reached $88,970.24 on December 26 (10:20 a.m. IST), marking an increase of 1.41 percent in a day and 2.26 percent over the week. During the morning session, Bitcoin saw fluctuations with a low of $86,897 and a peak slightly above $89,188.

According to Azeri-Press News Agency, market dynamics were influenced by the impending expiration of approximately $28 billion in crypto options, including $23.7 billion in Bitcoin. Market makers engaged in hedging activities, keeping Bitcoin prices within a narrow range. CoinSwitch Markets Desk indicated that while temporary dips could occur, large expiries often lead to neutral-to-bullish outcomes. The cryptocurrency currently finds support at $87,000 and faces resistance around $89,000.

Akshat Siddhant, Lead Quant Analyst at Mudrex, noted Bitcoin's potential for upward momentum, with nearly a 3% rise amid a positive market sentiment. This movement hints at a delayed "Santa Rally," driven by renewed buying interest. A sustained trading volume could signal a trend shift, with a breakthrough above $89,700 potentially leading to a rally toward the $100,000 mark. The $87,000 support serves as a crucial anchor for this upward trajectory.

Market volatility extended to other cryptocurrencies, with Ethereum (ETH) up 1.63 percent, Cardano (ADA) down 1.95 percent, Solana (SOL) up 0.13 percent, and XRP rising by 1.33 percent. Tether showed a slight decrease of 0.01 percent over the last 24 hours.

The CoinDCX research team reported that Bitcoin's price exceeded $89,000, while Ethereum traded below $3,000, and XRP hovered around $1.83. Solana was close to $121.5. Notable gainers included DoubleZero with an 11.27% increase, followed by Maple Finance at 9.69%, along with Merlin Chain and pippin, each rising over 5%. On the downside, Memecore experienced a significant drop of over 8.44%, with Canton and ether.fi falling by more than 4% each.