This afternoon between 4-5 PM, 23 billion worth of year-end options will face settlement, which may be the behind-the-scenes driver of Bitcoin's price being stuck in the 85-90 USD range for nearly half a month. In the context of continued liquidity contraction, market makers may release more liquidity after the settlement, and short-term BTC volatility is expected to rise significantly.

Currently, with the weekend approaching and the overlap of Christmas and New Year's holidays, market participation is unlikely to be high. It is expected that investor attention will only truly pick up after next Monday or even after New Year's Day. However, based on the recent record highs in the US stock market, overall sentiment remains relatively stable, at least without obvious negative expectations.

On-chain data shows that two significant large buy-ins successfully drove the price up. The current bullish positions seem to be in the brewing stage, and the bottom-fishing actions during this decline have become an undeniable fact. A clear W-bottom pattern is forming on the candlestick chart, and the bottom repair phase has been ongoing for nearly two months.

Most importantly, URPD data indicates that over 1.2 million BTC are concentrated at the 845 and 87 levels, occupying the first and second positions in on-chain chip rankings. This level of chip accumulation provides obvious support, but it will also be gradually consumed, with the question being whether the market moves up or down.

The key to the next market sentiment dominance is crucial. If, after today's options settlement, the price can find effective support at 83-87 and 80-82, then the direction of this massive chip absorption will be basically determined. The short-term action direction should become clearer gradually.