Due to the continued strength of US employment data, it is a foregone conclusion that the Federal Reserve will keep interest rates unchanged in January, with a probability as high as 88.4%. This directly dispels market expectations of rate cuts and liquidity easing, and the rally in crypto assets has been under pressure as a result. Bitcoin faces significant short-term selling pressure, with insufficient momentum for capital inflows. It is expected that the next few months will see a period of oscillation. Investors' sentiment has shifted from previous excitement to cautious observation, and the market's fear and greed index has decreased, confirming this — people have let go of their blind optimism.

Currently, Bitcoin is fluctuating within the range of 85,000 to 94,000 USD. In the short term, the 90,000 USD level is a critical threshold; once broken downward, it could directly fall to 88,000 USD or even lower, with bearish forces continuing to push prices down. Although contract trading remains active, the long and short positions are highly polarized, making it difficult to identify a clear directional signal. Until resistance above is broken, creating new highs is almost impossible, and swing trading has become the preferred approach for most traders.

Although some platform wallet addresses have seen a decline in balances, hinting that some are quietly accumulating chips, overall buying power is far from enough to support a quick rebound. Every time the price bounces back to key resistance levels, it gets pushed down again. While downward momentum is waning, without significant external positive catalysts, it will be difficult to break upward in the short term. The market remains in a stalemate, waiting to see who will take the initiative to strike first. However, when a rebound occurs, profit-taking sell orders tend to follow.

In simple terms, Bitcoin is now like a tired runner gasping in place. Without the Fed easing, there isn’t enough hot money flowing into the market to push prices higher. Everyone is in a standoff, waiting to see who will compromise first. The price swings around 90,000 USD, like pulling a rubber band — it can’t go up easily, nor can it fall sharply. Don’t expect a meteoric rise overnight, nor assume a collapse at the first sign of decline. The most practical approach is to treat the price as a range, attempt bottom rebounds at support levels, and exit decisively at resistance levels. Don’t be greedy; wait until the market confirms the trend before following in, which will greatly reduce risk.