#比特币价格走势与周期 Seeing the recent community debate about the $90,000 resistance level, the shadow of the 2017 cycle flashed through my mind again. Back then, there were similar divisions too — some firmly believed a breakout was imminent, while others had already sensed the whiff of risk. Now looking at this liquidity drought warning again, with volatility at historic lows, this signal is all too familiar to me.

Low volatility is often the calm before the storm. The market around Christmas has always faced liquidity concerns, and the sustained squeeze on long contract positions is like a taut string — the tighter it's pulled, the more violent the rebound, but that's only if it doesn't snap first. Several major corrections throughout history occurred when traders were most complacent, precisely during this bizarre period of "everyone is bullish but everyone is watching and waiting."

I'm not bearish, but rather reminding myself: the patterns of cycles never change, it's just that participants always love to pretend this time is different. This market divergence itself precisely shows that everyone is at a critical juncture. True opportunities are often born from this kind of uncertainty. But don't forget — only after weathering this liquidity drought can the path ahead become more solid.