I am Bai Yue. The current Bitcoin price is 90100 USD, stuck in a position that’s neither here nor there, like a 'sandwich cookie,' with both bulls and bears tugging back and forth at the 90,000 USD arena, making people anxious. Don’t just focus on the price fluctuations; I’ll break down the latest technical and news aspects for you, and you’ll understand what the situation really is right now.
Looking at the news front: institutional funds had a 'small sneeze'
The freshly released ETF data is a bit chilly! Yesterday (December 8), there was a total net outflow of 60.47 million USD. This indicates that some institutional funds are taking profits in the short term or turning cautious. Especially Grayscale GBTC, which has always been a 'major outflow player,' saw another 44.03 million leave yesterday. This casts a slight shadow over market sentiment.
But don't panic! The key point lies in the 'structure':
BlackRock's IBTT still saw a net inflow of 28.75 million USD yesterday against the trend! This 'behemoth' continues to buy, with a total historical inflow reaching 62.5 billion USD. What does this indicate? Large institutions have not stopped their long-term layout; short-term outflows are more like normal market turnover and adjustment. The total net asset value still reaches 118.4 billion USD, with ETFs accounting for 6.54% of Bitcoin's total market value, and the foundation remains solid.
Let's talk about the technical aspect: the 'arm-wrestling' at the key position
Look at this 1-hour chart; several key positions are very clear:
Upper pressure: The first hurdle is around 90600, and above that, strong resistance is at 91600-91700, with the second resistance at 91675, and the upper Bollinger band is also at 91687. It's like a ceiling; until it breaks through, every time it rises to this point, it can be hard to breathe.
Lower support: The recent 'floor' is around 89300, with stronger 'foundation' at 88500 (Bollinger lower band). When the price drops here, the bulls will come out to support.
The most subtle thing right now is the MACD; the fast and slow lines are almost sticking together, and the red and green bars are also shortening. This indicates a short-term exhaustion of momentum, with a temporary balance between bulls and bears. The Bollinger bands are also narrowing, meaning volatility is about to increase, and a direction will be chosen in the short term. Simply put, the market is holding back a big move, just waiting for a strong candlestick to break the deadlock.
Bai Yue's views and operational suggestions
My view is: We are currently in a typical key position oscillation. The technical aspect needs a breakthrough confirmation, and the news aspect (ETF outflows) has just given a 'stress test', explaining why the price is struggling to push higher at the resistance level. This is not necessarily a bad thing; it washes out the weak hands, and the subsequent market may be healthier.
The market always has opportunities; the key is to operate calmly. Bai Yue will continue to keep an eye on on-chain dynamics, moving steadily forward together! Follow Bai Yue and participate in every attack from Bai Yue's villagers! Bai Yue will announce the specific entry times and real-time news in the village every day!
