Bitcoin's lackluster performance has left it at odds with the festive mood on Wall Street. As traditional markets bask in the glow of a seasonally optimistic atmosphere, the world's largest cryptocurrency has remained stagnant, trading around $87,370. This narrow range, between $85,000 and $90,000, has been a persistent feature of the market, with little sign of life. The asset, built on hype, volatility, and disruption, has ended the year in a state of limbo.

Bitcoin's price has been stuck in a tight range for weeks, with the cryptocurrency's market capitalization hovering around $1.65 trillion. This stagnation has been a far cry from the explosive growth that characterized the market in previous years. The lack of momentum has been a source of concern for investors, who have been eagerly awaiting a breakout to the upside.

The market's lack of enthusiasm for Bitcoin can be attributed to a combination of factors. Regulatory uncertainty, particularly in the United States, has cast a shadow over the market. The Securities and Exchange Commission's (SEC) ongoing deliberations on a Bitcoin exchange-traded fund (ETF) have been a major source of angst for investors. The SEC's decision to delay the approval of the ETF has sent a chill through the market, with many investors opting to sit on the sidelines.

The market's lack of momentum has also been influenced by the broader economic landscape. The Federal Reserve's decision to raise interest rates has made risk assets, including cryptocurrencies, less attractive to investors. The rise of stablecoins, which are pegged to the value of traditional currencies, has also reduced the appeal of Bitcoin as a store of value.

Despite the challenges facing the market, Bitcoin's underlying technology remains robust. The blockchain, which underpins the cryptocurrency, continues to be a source of fascination for developers and entrepreneurs. The technology's potential to disrupt traditional industries, such as finance and supply chain management, remains vast.

As the year draws to a close, Bitcoin's future outlook remains uncertain. The market's lack of momentum has raised questions about the cryptocurrency's ability to regain its former glory. However, many experts believe that Bitcoin's underlying technology will continue to evolve, driving growth and innovation in the years to come.

In the short term, investors will be watching the market's reaction to the SEC's decision on the Bitcoin ETF. A positive outcome could spark a rally in the market, while a negative decision could send prices tumbling. The market's response will be closely watched, as investors seek to gauge the cryptocurrency's prospects for the year ahead.

Ultimately, Bitcoin's performance will be shaped by a complex interplay of factors, including regulatory developments, economic conditions, and technological advancements. As the market continues to evolve, one thing is clear: Bitcoin's future will be shaped by its ability to adapt to changing circumstances and capitalize on emerging opportunities.