The sideways tug-of-war around $90,000 for BTC has become the hottest focus in the global crypto market. On one hand, continuous net outflows from ETFs reflect some funds are on the sidelines; on the other hand, institutional investors like Grayscale are accumulating on dips, indicating their confidence in the future market. The intensifying disagreement between bulls and bears is backed by the confrontation of several forces.

From a macro perspective, the strong non-farm payroll data has reinforced market expectations that the Federal Reserve will maintain high interest rates, directly suppressing liquidity and putting downward pressure on risk assets like BTC. However, the approaching Bitcoin halving cycle and institutional allocation needs also serve as important supports for the market.

Technically, key support is around 89,000. If it can hold steady, there may be room for an upward move; 92,000 is a resistance level that needs to be broken. This level must be surpassed for a true breakout; the real direction will depend on subsequent data and institutional movements. Currently, the most prudent strategy is to remain cautious, wait for clear signals of breakout or breakdown before making decisions, and strictly control position risks.