Bitcoin has been fluctuating between 88,000 and 90,000 in recent days, and yesterday it briefly surged to 90,000 but couldn't hold its ground, eventually being pushed back down. Ether has also been lingering around 3,000.

From the trading volume, there is indeed movement—Bitcoin's 24-hour trading volume soared by 61%, and Ether followed suit with a 52% increase. However, the cost of this wave of market action is not small, with the total liquidation amount reaching $196 million. The longs were hit harder, losing $116 million, which is more than the shorts.

Today (December 23) a major event is about to happen — $23.6 billion in Bitcoin quarterly options are set to expire, which is no small number. Market makers' hedging operations are likely to stir the market even more in the last 24 to 48 hours before expiration. The biggest pain point price is locked at $96,000, which is a critical position.

**What is the technical situation of Bitcoin?**

The price is firmly held between 88,000 and 90,000, and the bulls have failed several times to break through 90,000. During the US trading session, there was also a wave of selling, forming a "compressed coil" pattern—once this coil can't hold, volatility will instantly amplify, and there could be an astonishing market movement at that time.

90,000 is the first barrier, with psychological and technical levels both pressing down here. Moving up, the area from 92,000 to 95,000 is also tricky, as there are traces left by previous dense transactions and short-term pressure. Looking down, the support around 88,000 is still relatively solid. If this level is broken, the next defense line would be 84,000 to 85,000, which has been tested several times in December and should have some resilience.

**Ethereum?**

Basically, it just follows Bitcoin in a duet, with no independent market trends, overall still leaning weak.