Today, Bitcoin surged to $89,480, up 2.14% from the previous day. In just a few hours, it directly jumped by $2,600, resulting in a wave of short positions being liquidated. Over $100 million in short positions were closed, instantly heating up market sentiment. The entire crypto market capitalization also rebounded to break through $3 trillion once again.

But honestly, if we take a broader view of the performance since 2025, Bitcoin has actually fallen by about 4%, still quite a distance from the $93,374 opening price at the beginning of the year. This creates an awkward situation — to prevent 2025 from becoming the first year in history after the halving to close in the red, it still needs to rise at least 6.24% in the remaining days. It sounds a bit uncertain.

From a technical perspective, there is indeed support in the $83,000-$88,000 range in the short term, but macro-level pressures are not light — the Federal Reserve has only cut interest rates three times this year, and the future policy direction remains unclear. This is not good news for the enthusiasm of risk assets.

Interestingly, the net position indicator for long-term holders has recently turned positive, indicating that large investors are quietly positioning themselves with confidence. However, the current market sentiment remains in "extreme fear" mode, which has persisted for several days. The market psychology still needs time to recover.