December 14 Morning, the crypto market's trend mainly depends on two things—one is the macroeconomic factor of the Bank of Japan, and the other is Bitcoin's own technical levels.

First, let's talk about the big event. The Bank of Japan will hold a meeting next week (December 18-19), and the market is pretty certain that there will be an interest rate hike. This may sound insignificant, but in reality, it means that the last major economy still practicing negative interest rates is about to change course. Once the rate hike is implemented, global capital might flow back to Japan, and market liquidity could be pulled out significantly. This is usually not good news for risk assets like Bitcoin that are denominated in USD.

Looking at the technical side, as of the close on the 13th, Bitcoin has been consolidating with reduced volume around the $90,000 mark—simply put, both bulls and bears are waiting for a catalyst. There is a resistance line at $94,000 above, and support is found in the $88,000 to $90,000 range below. Volatility has clearly decreased, and the market is like holding its breath, waiting for someone to break this balance.

The key logic this week is essentially one thing: traders are preparing for the expectation of "tightening of global liquidity." The decision by the Bank of Japan will be the trigger to break the current stalemate.

Next, three things to watch: First, whether the Bank of Japan will raise interest rates and what their policy will be; second, whether Bitcoin can hold the $90,000 line; third, whether the market's risk aversion sentiment will rapidly intensify, triggering a chain reaction of corrections in risk assets.