In the afternoon, BTC remains within the narrow range of 87,000–88,500, with trading volume continuing to shrink compared to the morning. Under the Christmas holiday background, liquidity is clearly insufficient, and the market lacks trend-driving momentum.

In the short-term structure, the support at around 87,000 has been repeatedly validated as effective, while selling pressure above 88,500 is concentrated. The bulls' willingness to push higher is limited, and overall, the market remains in a low-volatility tug-of-war between bulls and bears.

Luhang｜Thursday evening outlook:
BTC: Pay attention to the resistance zone at 87,700–88,200. If a rebound faces resistance, consider gradually opening short positions. The initial target is 86,600, and if the price further declines, watch for support around 85,600.
ETH: The 2940–2970 area is a short-term resistance zone for a rebound. Until a significant volume breakout occurs, prefer to attempt short positions at high levels, with a pullback target around 2890–2860.

Treat the overall market as holiday行情, with light positions and quick entries and exits, waiting for liquidity to recover after the holiday to determine the next direction.