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Bitcoin traded near $87,360 on the daily chart after meeting resistance at the December open and the 50-day simple moving average. Despite this rejection, sellers failed to extend losses following the November 21 capitulation, keeping downside pressure limited.
The daily structure shows Bitcoin consolidating within a descending channel. Price remains compressed below key resistance while holding above recent lows. This balance has defined late December trading conditions.
According to analyst Superbro, the lack of bearish continuation after the November sell-off remains the central development. The comment accompanied a TradingView chart shared on X.
Bitcoin tested the December open and the 50-day SMA during the latest session. Both levels capped upward movement and pushed price back into consolidation. Even so, the rejection did not trigger heavy selling. Candles remained tight and orderly, suggesting controlled trading rather than panic-driven moves.
As a result, prices stayed above the November capitulation low. The market avoided another sharp breakdown, which has shaped recent expectations.
On November 21, Bitcoin witnessed a significant sell-off that was indicative of a clear capitulation event. The price fell steeply, then gradually came to a halt over the subsequent days. After that, the sellers couldn’t bring the price down any further. Every time they tried to push it down, it resulted in limited follow-through and shorter red candles.
This kind of activity is the exact opposite of what happened in the previous stages of the downtrend. In October and early November, the market was aggressive with sell-offs that broke support levels almost instantly.
The chart shows Bitcoin trading within a downward-sloping channel that has guided the price since October. Lower highs continue to form along the channel resistance. At the same time, recent lows appear more stable. Price action has clustered around the mid-to-lower range rather than accelerating lower.
This structure keeps Bitcoin below major resistance while preventing deeper losses. The market now sits between defined technical boundaries.
Superbro described the session as finding resistance at the December open and the 50 SMA. He pointed instead to the broader failure of bears after November 21. The analyst stated that the lack of downside follow-through represents the real story on the daily timeframe. The comment concluded with a directional note toward higher movement.
That observation aligns with the chart’s compressed candles and steady base. What happens next depends on whether the price breaks out of the channel or remains capped by overhead levels.
Also Read: Why Bitcoin is a Better Alternative to Gold: 4 Key Reasons
Bitcoin price action stalled at the December open and the 50-day SMA. Still, sellers failed to extend losses after the November 21 capitulation. Price remains compressed within a descending channel. The key takeaway is continued stability above recent lows as traders watch for a decisive break from the current structure.
