According to a December note, the Bitcoin price faced pressure from forced liquidations, stalled crypto legislation progress, and fading corporate buying momentum, all amid lingering policy uncertainty that dampened risk appetite across markets.

Meanwhile, the AI sector underperformed and labor data softened, weighing on the US stock market. Still, easing inflation and stronger semiconductor names helped limit losses, while rising safe-haven demand and diversified asset flows supported a rebound for gold toward historical highs.

In single-name risk, MicroStrategy shares came under strain as investors weighed potential equity dilution from stock-based Bitcoin purchases against the ongoing accumulation thesis.