Last night, Bitcoin experienced a wide-range fluctuation, reaching 90,000 at 22:00, but within less than two hours it was hammered back down to 86,000. The rebound and subsequent selling pressure reflect the current market’s lack of bullish momentum. Tomorrow, with Japan’s interest rate hike imminent, it will be difficult for the rebound to break through the previous high of around 94,500. Medium- to long-term support still hinges on the effectiveness of the 80,000 level; if it is broken downward, it will open a new round of downside space. Currently, the panic indicator has completely failed; the previous bear market’s persistent panic can always exist, and this round is no exception.

During yesterday’s wide-range fluctuation, Bitcoin did not break below the previous support level, but the altcoin sector once again collapsed. The short positions in #zec , $ASTER , $HYPE , and others jumped into the water, smashing out a new small low. The valuation bubble of large-cap altcoins is far from over; it will continue to be squeezed next year until it reaches a relatively reasonable valuation range.