Hello everyone. Recently, Bitcoin's performance has been quite interesting—oscillating around the $88,000 mark with repeated tug-of-war, and trading volume remaining around $386 million, a typical "narrow range fluctuation with insufficient volume" situation. This market looks directionless, but there are hidden possibilities for a breakout.

Currently, two factors should be the focus. One is the liquidity changes brought by the upcoming Christmas holiday, and the other is whether the key support level can be effectively maintained.

From the capital perspective, although there has been short-term outflow from the US spot Bitcoin ETF recently, the "structural demand" accumulated since its approval at the beginning of the year has not disappeared. Large institutions like BlackRock and Vanguard's long-term positioning still provide bottom support for the market, which is very important.

On the technical side? The psychological defense line of $80,000 has been tested multiple times, and the market's recognition of it is very high. Especially the low point of 80,600 formed on November 21, which is an important short-term bullish defense line. As long as this area is not effectively broken, Bitcoin's oscillation pattern will be hard to break.

An interesting point—if you shift your perspective away from the price itself, you'll find that this round of correction is somewhat different from previous bear market cycles. Since 2025, the market's performance and historical patterns have shown some deviations. This may indicate the complexity of this cycle.

In summary, the long-term bullish attitude of institutions, the effectiveness of technical support, and the trend of liquidity changes—these three factors intertwined will determine Bitcoin's next move. It may continue to fluctuate within this range in the short term, but the mid- to long-term opportunities might be hidden within this seemingly calm oscillation.