This week feels like sleeping through it, swinging back and forth on the rope between $84,000 and $94,000, with volatility getting smaller and smaller. Frankly, it’s because no new money is coming in; both bulls and bears are dozing off, neither willing to make the first move.

The days of #比特币与黄金战争 are even more difficult, firmly pressed below $3,000, bouncing several times but unable to break through.

Looking at the weekly, daily, and hourly charts, the structure still favors the bears. Unless the price can volume-up and break through the key resistance, don’t expect any reversal. I’ve always said that $94,000 is a key level—if it doesn’t hold here, a reversal is just wishful thinking. Downward, the $90,500 to $91,000 range is the most critical; multiple rebounds here have been pushed back, indicating that there are indeed sellers.

What’s more heartbreaking is the trading atmosphere is especially cold. During the Christmas holiday, institutions are on vacation, and spot ETFs for Bitcoin and Ethereum are actually seeing outflows, leaving the market completely lacking upward momentum.

The current situation is a bit delicate—on one hand, signals of weakening selling pressure (exchanges’ Bitcoin holdings hitting multi-year lows, meaning there’s really not much to sell), on the other hand, an awkward reluctance to take the other side. It’s just stuck like this.