Bitcoin is experiencing short-term pressure following China's intensified crackdown on cryptocurrency mining, which has resulted in an 8% reduction in the global hashrate. This has prompted miners to liquidate holdings, contributing to market volatility. Meanwhile, U.S. spot Bitcoin ETFs have attracted $457 million in inflows, indicating robust institutional interest. The contrasting dynamics of Asian selling and U.S. buying are establishing critical support and resistance levels for Bitcoin as it approaches 2026. Traders are closely monitoring the evolving risk-to-reward ratio amid this supply divergence, which could significantly influence Bitcoin's market trajectory in the coming year.