Bitcoin Slips To $87K As VanEck Flags Post–Hash Rate Rally, Trump Media Moves $174M In BTC

The Bitcoin price edged down a fraction of a percentage in the past 24 hours to trade at $87,089 as of 12:24 a.m. EST on trading volume that soared 19% to $47.5 billion.

This comes as VanEck says a recent pullback in Bitcoin mining activity could signal a bullish contrarian move in BTC prices, citing historical patterns where miners’ capitulation preceded price recoveries.

According to a recent report by VanEck, Bitcoin’s network hash rate fell 4% through December 15, marking the steepest monthly decline since April 2024. The asset manager said similar periods have historically led to positive returns for long-term holders.

Since 2014, 90-day forward returns were positive 65% of the time during hash rate contraction, versus 54% when the hash rate was growing.

As VanEck flags a bullish case for BTC’s price, Trump Media has moved 2,000 BTC ($174 million) to a new address, likely as collateral, per Arkham’s data, quoted by Lookonchain on X.

The update shows the address had test transactions a month earlier. It is not clear, however, if the entity is preparing to sell the BTC tokens.

Over the last 2 weeks, the Bitcoin price has fallen by 6.1%. Can this downtrend continue, or will BTC recover?

Bitcoin Price Poised For A Rally

On the weekly chart, the BTC price has historically rallied after forming a rounded top pattern, with the token surging in August 2024 and April 2025.

The continued surge has been above the rising trendline as shown on the chart, with demand zones forming around $38,700, $52,461, and $74,658.

The Bitcoin price is now consolidating just below $90,000, forming a strong support zone. If the BTC bulls use this area, the price could still rally, as it has since late 2023.

In the short term, the BTC price has crossed below the 50-day Simple Moving Average (SMA) at $101,851, indicating a slight bearish bias. However, the 200-day SMA ($56,797) holds Bitcoin’s price and supports the bullish case.

However, the Relative Strength Index (RSI) is moving around the low-to-mid 30s, below the neutral 50 level, and currently at 37. This shows weak buying momentum and no strong signs of a bullish reversal yet.

Based on the BTC/USD chart analysis, the BTC price could still soar, with Bitcoin preparing for a bullish rally within a consolidation zone.

If BTC recovers its all-time high (ATH) around $126,200, the next possible long-term target could be $140,000, with the 50-day SMA serving as the first hurdle at $102,000.

The low RSI also supports the bullish case. Vivek Sen, an X crypto analyst with over 240k followers, noted that the last time BTC recorded an RSI this low, the price soared dramatically.

This comes as even BitMine’s Tom Lee stated that Bitcoin could rally to $100,000 before year end, which could result in the asset soaring to a new ATH.

Conversely, if Bitcoin continues to face bearish pressure in this area, it could drop to the previous support level around $78,500.