#数字资产市场洞察 Mid-December, $BTC's trend remains weak. The current price fluctuates around $86,500 with repeated oscillations. After surging above the $90,000 mark yesterday, it directly plunged, with a 24-hour decline exceeding 2%. Market panic is at an all-time high, with the fear index only at 18.

The funding situation is even more concerning—over $520 million in long positions were liquidated in the past day, with a total liquidation amount of $385 million. Institutional spot ETFs continue to outflow, with only a few large investors increasing their holdings against the trend, showing insufficient strength.

From a technical perspective, the daily chart shows a typical bearish pattern of a descending three-method, with the MACD death cross not yet repaired, indicating that the bearish momentum has not been fully released. The price is being pressed down by multiple moving averages. However, RSI shows a slight bullish divergence, suggesting the downward trend may be slowing.

The 4-hour chart shows a hammer candlestick, with MACD increasing in volume. The short-term key level is whether the price can hold above 86,000. If it can stabilize, the next resistance is around 90,000; but if it falls below, the next support levels are 85,200, then 85,000. In the worst case, it could reach the 78,000-80,000 range. Resistance above is mainly at 86,500-88,000, with strong resistance at 91,000-94,200. The market still needs to be cautious.