BTC's recent trend is quite interesting. Since late November, it has been climbing steadily, but senior analyst Alex Kuptsikevich from FxPro bluntly said: to confirm if this rebound is a true bull market, we need to wait until the global crypto market cap surpasses $3.32 trillion.

The reality is quite sobering—currently, the market cap hovers around $3.16 trillion, up 2.5% from the beginning of the week, but still far from the previous high of $3.21 trillion. What's more embarrassing is that data shows that in the past day, longs were liquidated for $376 million, three times the amount of shorts. This leverage use is really smashing the price down hard.

Although the Federal Reserve cut interest rates again on Wednesday, the market simply doesn't buy it. Why? Because everyone knows that the room for rate cuts in the next two years might be limited. Once this expectation forms, the support naturally weakens.

On the other hand, QCP Capital provided a range: by the end of the year, BTC is likely to fluctuate between $84,000 and $100,000. But Bloomberg's Mike McGlone isn't so optimistic; he directly poured cold water, saying there might not be any "Santa Claus rally" this year, and BTC could possibly fall below $84,000 by year-end.

The key now is whether the 90,000-91,000 support level can hold. If it doesn't, we might directly test the bottom; if it does, there might be another push towards the resistance at 94,000. Anyway, recent market movements are truly exciting.