Year-end market conditions still tug at people's hearts. Recently, the market has been like this—prices oscillate rapidly, wearing down everyone's nerves.

From the Fear and Greed Index, it has now fallen to 20, entering the extreme fear zone. In this environment, the bulls are still holding on, repeatedly resisting the downward trend.

**Bitcoin's Consumption Battle**

Yesterday, BTC surged to 89,000 but was immediately pushed back, now fluctuating around 87,000-88,000, currently hovering near 88,550. This oscillation pattern is quite intriguing—the main force is conducting intensive shakeouts before the New Year, aiming to clear out weak-handed positions. Below 86,000-87,000, there is a heavy accumulation of bullish defense, making these levels natural support.

Unless there is a major positive stimulus, the next move by the main force is likely to be a downward break, using deleveraging to suppress and release the liquidity stacked below, then brewing a new rally after New Year’s Day. This is a typical oscillation and betting strategy.

**Ethereum's Crisis Emerges**

ETH is currently quoted at 2977. From the 7-day liquidation chart, it is clear that a large amount of bullish fuel has accumulated between 2850-2950. This presents an enticing opportunity for market makers to dump—once this defense line is breached, they can harvest a large amount of liquidity in one go. Therefore, before these long positions are cleared, upward resistance will be quite heavy.

The period around New Year’s is mainly a test of the bulls' defensive resilience.