#比特币价格走势 Seeing Bitcoin hover around $87,000, the first thought that comes to mind is—I've seen this scene before.

At the end of 2017, when everyone was talking about the dream of Bitcoin breaking $100,000, the price also repeatedly bottomed within a certain range. Back then, the public opinion was very similar to now: Wall Street was bullish, institutional entry was happening, and regulatory trends seemed to be shifting—yet the price just couldn't go up, instead falling into a prolonged consolidation. Later, we realized that was the night before the 2018 bear market.

The current situation is both similar and different. Bitcoin is trapped in the $85,000-$90,000 range, appearing stagnant, but the underlying logic has changed. Institutions have truly entered; spot ETFs have become a reality; regulatory frameworks are gradually improving—these are things that didn't exist in 2017. The problem is, these fundamental improvements haven't immediately translated into upward price momentum.

More noteworthy are the liquidation data. $892 million in leveraged positions have been liquidated, with longs making up the majority. What does this indicate? It shows that there are still many participants in the market using high leverage to bet on rising prices. When the price repeatedly hits stop-loss levels within this range, these positions are continuously wiped out. Is this a healthy signal or a risk signal? It depends on the price movement after liquidation.

History tells me that long-term consolidation often signals a critical point for choosing a direction. But at this critical point, I am more interested in why the breakout is delayed rather than which direction it will break in the short term. DeFi trading volume has fallen by 12.99%, and stablecoin trading volume has plummeted by 27.51%. Behind this is participant hesitation and uncertainty. The entry of institutions has changed Bitcoin's nature, making it no longer just a speculative asset, but this identity shift is still in the adaptation phase.

This stagnation before the end of the year may just be the market digesting its identity transformation.