Bitcoin touched $90,000 again during today’s Asian session, but the rebound was weak, with the trading range oscillating between 88,000 and 94,000. From a technical perspective, the eight-hour indicators are approaching the zero line, signaling potential direction, while the one-hour and two-hour candlesticks are clearly under pressure. The market’s focus is clear—whether it can break through this resistance zone today. If it fails, a pullback may be imminent.

There’s also a major event in the crypto world today worth noting. The native token TAO of the decentralized AI network Bittensor has completed its first halving, reducing the daily issuance from 7200 to 3600 tokens. This halving was triggered when the circulating supply reached half of the total cap of 21 million tokens (10.5 million). Interestingly, industry discussions are heating up around whether TAO can leverage this halving event to gradually become the "Bitcoin of AI."

Institutional attitudes are divided. Asset management giant Vanguard has allowed clients to trade Bitcoin spot ETFs, but its executives publicly compared Bitcoin to a "digital plush toy," questioning its investment value. In contrast, Bank of America’s advice is the opposite—they believe wealth management clients can allocate 1%-4% of their portfolios to digital assets. This conflicting commentary is adding more uncertainty to the market’s assessment of the investment value of cryptocurrencies.

On-chain data also shows interesting divergence. Whales holding between 10 and 10,000 BTC, after nearly two months of selling, resumed buying around November 30. Meanwhile, retail addresses holding less than 0.01 BTC have not panic-sold since the market’s high point in October; instead, they have been steadily increasing their holdings. The divergent behaviors of whales and retail investors make the market’s future trend more uncertain.

Another major news is that Terraform Labs co-founder Do Kwon was sentenced to 15 years in prison today for involvement in a $40 billion fraud case. This case serves as a significant judicial precedent in the crypto space, sounding a warning once again—project compliance risks are severe, and investors should carefully scrutinize the real value of risky projects in their portfolios.