On Thursday, Bitcoin experienced a sharp flash crash, briefly falling below the psychological threshold of $90,000, with an intraday low of $89,641 before rebounding. This plunge triggered approximately $128 million in long positions being forcibly liquidated. Meanwhile, there was a significant outflow of funds from the US spot Bitcoin ETF, with a net redemption of $486 million just on Wednesday. Analysts believe that the current volatility of Bitcoin and the narrow trading range between $90,000 and $95,000 are due to mechanical suppression caused by traders' hedging activities and sluggish on-chain trading activity. The $100,000 resistance level remains a key target, awaiting a revival of institutional demand or the emergence of macroeconomic catalysts.