#比特币价格波动 Bitcoin fluctuates repeatedly in the $85,000-$90,000 range, and this phenomenon warrants in-depth observation.

On the surface, it appears to be a "lack of volatility," but fundamentally it reflects a balance of bullish and bearish forces at key price levels. Wall Street's year-end seasonal optimism pushes traditional assets higher, but Bitcoin's lagging response indicates several issues:

First, institutional investors are becoming cautious. Typically, large-scale rebounds are accompanied by continuous buying signals from whale addresses, but currently, there is no obvious acceleration in large on-chain transfers, indicating that big players are watching rather than actively participating.

Second, technical pressure is mounting. The $87,000 level has become a short-term resistance point; if it cannot be broken through, a pullback risk exists. From the capital flow perspective, it is necessary to monitor whether there is sustained net inflow on the chain to confirm the authenticity of a breakout.

Third, the timing is special. Liquidity generally decreases at the end of the year, and some institutional funds have already locked in profits in preparation for the new year, which will reinforce the range-bound oscillation characteristics.

Key points to monitor: the movements of whale wallets, net inflow of funds into exchanges, and whether new large contract positions are established. Signals of a breakout or breakdown will first appear in these data.