#比特币市场表现 Bitcoin's return to 90,000 can be summarized as follows: technical factors primarily drive the market, complemented by short covering and the momentum from options expiration that fuels buying pressure—these are all quantifiable factors. ETF capital outflows exceeding $1 billion have weighed on December's performance, but this does not hinder the current rebound's validity—after key levels shift from resistance to support, short-term momentum is indeed recovering.

Interestingly, the market is still debating whether Bitcoin needs to wait for gold and silver to pull back. From an on-chain perspective, this question itself is misguided. The two asset classes each have their own structural logic and do not necessarily compete with each other. Bitcoin has been stagnant over the past year; its current relative strength is more due to base effects and technical accumulation and release, rather than new catalysts entering the market.

The short-term technical support holds, but I am more focused on the subsequent capital flow signals. Only if institutional net inflows continue at this level can we confirm the sustainability of the upward trend. Otherwise, it might just be a technical rebound within a consolidation zone, insufficient to change the overall trend. Keep tracking whale movements and changes in contract holdings.