Bitcoin's current situation is a bit awkward—stuck firmly within a range.

In recent days, the market has repeatedly surged, only to be pushed down each time, a classic false breakout. Frankly, it's not yet ready for an upward move in the short term.

Why can't it move up? The main reason is quite clear. Once it hits the 90,000 level, the bulls start to leverage heavily, but if they can't hold steady, everything quickly collapses. Meanwhile, the end-of-year period is quite awkward—when the US market sees a rise, funds flow out, and Asian markets try to push up, leading to a back-and-forth that exhausts everyone's energy.

Recently, ETF outflows have continued, which is definitely not a good sign for an upward trend. However, on the other hand, not all institutions have exited; some are still watching.

Currently, the two most critical levels to watch are:

**86,000**—if broken, it could easily accelerate downward, and then it depends on whether 90,000 can hold.

**91,000**—if it can stabilize on the daily chart, that would be a real breakout, providing room for further action above.

At the moment, it's a typical oscillation pattern, bouncing between 86,000 and 91,000. To see a clear direction, honestly, we probably have to wait until next year for an answer. Keep an eye on the performance of $BEAT and $ZEC.