The current price of Bitcoin is $92,800, fluctuating slightly around $93,000. As CryptoQuant analyst Darkfost mentioned, $97,000 has become a key watershed: breaking through $97,000 would restore bullish confidence, with a short-term target of $100,000-$102,000, and a historical seasonal average increase of 9.7% in December is expected.

If it fails to break through: it will continue to be under pressure, with strong support below at $86,000-$88,000. A failure to hold will quickly test $83,000. Current market characteristics: total market capitalization is $3.2 trillion, 24h trading volume is only $120 billion, a decrease of over 30% compared to November's peak, and capital inflow is cautious.

The Fear and Greed Index is at 26 (extreme fear), with BTC's dominance rising to 55%, while the altcoin season index is only 21, indicating that funds are still clustered around BTC. On-chain selling pressure has weakened, and whales have significantly closed their short positions, but the spot CVD remains negative, indicating that the rebound is primarily driven by short covering rather than new capital inflows.

Major cryptocurrencies' 24h performance: ETH +8% ($3,050), bullish sentiment in options is strong, but spot follow-up is insufficient; SOL -2% ($128), if it breaks below $120, it may test $110; XRP +1% ($2.10), with continued inflows into ETFs being the only bright spot.

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