#比特币ETF Seeing Bitcoin once again get blocked back at the $90,000 mark, a familiar feeling arises. I've seen this scene many times before—the 2017 cycle, the 2021 peak, and last year's fluctuations—each time marked by oscillations around key price levels, with market participants swinging between hope and fear.

The current situation is actually quite interesting. The apparent demand has turned negative to -3,491 BTC, which indicates not just price pressure but also a true reflection of participant sentiment—at this year-end point, institutions are withdrawing, retail investors are watching. Coinbase's premium index has fallen to -0.08, clearly showing that smart money in the US is reducing their positions. Last week, institutional spot ETF outflows reached $782 million, serving as a warning sign—when large funds change direction, retail investors are usually already late.

I've always said that history doesn't repeat but rhymes. At the end of 2015, when Bitcoin hovered around $400, many asked, "Will it go up again?" In early 2020, when it dropped to $3,600, more people were caught between bottom-fishing and panic selling. Now, the $90,000 threshold essentially tests the same thing—when will confidence truly be restored?

The hidden bullish divergence on the technicals is interesting, but I've learned not to rely too much on a single indicator. True turning points often come from improvements in real demand, not just a certain pattern on the candlestick chart. When will ETF funds turn positive? When will US investor sentiment genuinely warm up? These are the things I’m watching.

No need to rush; holding this position is holding it. I've seen more dangerous situations before.