Bitcoin is holding above 88,000–90,000 USD as of December 22, but the market structure below the price is becoming increasingly fragile. Recent volatility, decreasing liquidity, and weakening demand have raised concerns that the crypto market may be transitioning from the late stages of the bull cycle to the beginning of the correction phase as it enters January 2026.

Many on-chain indicators and the current market structure all point in one direction. Although each of these signals is not enough to assert that the bear market has begun, when combined, they indicate that the risk of correction is increasing and the support is gradually weakening.