These past couple of days, Bitcoin has been bouncing back and forth within a range. Currently, the price is around $87,200, down 1.52% over the past 24 hours. The entire market has been oscillating between $87,000 and $89,000, with the core reason being quite clear—$23.7 billion worth of options are approaching settlement, leading to fierce battles between bulls and bears at key price levels. Plus, with the Christmas holiday, market liquidity is extremely thin, which is like adding fuel to an already unstable scale.

From a technical perspective, the 4-hour MACD has shown signs of bearish exhaustion, but the price is stuck at the $88,000 to $89,000 resistance zone, unable to break through. The support at $86,500 is holding quite well. On the institutional side, Franklin's Bitcoin ETF had zero net inflow the other day, indicating that by the end of the year, major institutions are starting to withdraw their funds. There’s almost no new capital entering, lacking the real momentum needed to break this deadlock.

In the short term, the strategy depends on the withdrawal of hedging positions after options settlement, combined with changes in holiday liquidity to make judgments. Whether the $90,000 level can be broken and if the support below can hold are two key points to watch. But remember, in a high-volatility environment, leverage is a double-edged sword—be careful, as it can cut both ways.