Looking at BTC's performance over the past two months, the surge in October and early November was indeed weak, and on the 21st, it was knocked down twice without breaking through. The current market structure is clear — bears have closed the door too many times, and bullish confidence has been shattered. The leveraged positions that should have exploded already did.

You can feel it, right? The market is very quiet. Trading volume is sluggish, and sentiment is particularly poor. But the old adage that extremes will reverse always holds true. What’s the situation now? Altcoins are actually becoming more active, and the temperature of this rally is still largely supported by them. On the futures side, spot prices are also rising, which indicates what? It shows that although the market is cold, the underlying support forces are gradually accumulating.

Once bullish confidence is restored — whether through technical breakthroughs or sentiment reversal — the 95,000 level will inevitably become a target for a push. Historically, January’s market performance is rarely particularly bad, and this phase is usually when the market re-prices itself. What we need to do now is wait — wait for that turning point to appear.