The price of Bitcoin maintained around $90,344 in the early hours of December 14, with a 24-hour increase of 0.07%. The market capitalization stabilized at $1.8 trillion. Although the price performance has been relatively stable, on-chain data shows strong accumulation signals. The Bitcoin reserves on exchanges have continued to decline from 2.79 million coins 30 days ago to 2.75 million coins. This obvious withdrawal behavior usually indicates that long-term holders are increasing their positions. Institutional buying actions have been more aggressive; since the beginning of December, when the price of Bitcoin briefly fell below $95,000, large wallet addresses holding between 1,000 to 10,000 Bitcoins have accumulated an additional 34,000 Bitcoins, worth about $3.2 billion at current prices. This contrarian accumulation behavior demonstrates the confidence of professional investors in the future market. BlackRock's Bitcoin ETF saw a net inflow of $35 million last Friday, with Fidelity contributing $60 million in purchases. Despite Grayscale's outflow of $100 million during the same period, the overall ETF fund flow remains positive. In terms of technical indicators, the 1-hour RSI for Bitcoin is at 50.2, indicating a neutral range, while the 4-hour and daily RSI are at 46.1 and 44.9, respectively, showing signs of overselling in higher time frames. The MACD indicator shows a golden cross pattern on the 1-hour and daily levels, with histogram values of +59 and +528, respectively. Short-term momentum has somewhat recovered, with the current price of $90,367 located near the middle band of the 1-hour Bollinger Bands, key support at $89,958 and $88,879, with resistance above at $90,539. Data from the derivatives market is also worth noting; Bitcoin futures positions have reached $60.2 billion, a 24-hour increase of 3.05%. The funding rate of positive 0.008% indicates that bulls continue to pay funds to shorts. In this state, bulls are dominant, but caution is needed for excessive leverage risks. 24-hour liquidation data shows that $6.8 million has been forcibly liquidated, with 76% being long positions. If the price falls below the $89,000 level, it will trigger the liquidation of over $850 million in long positions, while a breakout above $91,000 could trigger over $400 million in short liquidations. The behavior of long-term holders on-chain is worth deeper observation. HODL Waves data shows that the 2 to 5-year holding segment is contracting, with the 3 to 5-year segment dropping from 11% to 8%, and the 2 to 3-year segment falling from 3% to 2.5%. Meanwhile, short-term holdings within 3 months account for as much as 40%, with an unrealized loss ratio reaching 4.4%, a two-year high. This indicates that some long-term holders have chosen to take profit at the $89,500 price level. If the support level is lost, it may trigger further selling pressure, targeting $86,500.