The price of Bitcoin fluctuates between $88,000 and $90,000, briefly breaking $90,000 yesterday but failing to hold. Ethereum is oscillating near the $3,000 mark. In the past 24 hours, the trading volume of Bitcoin and Ethereum has increased significantly by 61% and 52%, respectively. The market has seen a significant amount of liquidations, with a total liquidation amount of approximately $196 million, where the long positions (accounting for $116 million) incurred greater losses than the shorts. Today (December 23), the market faces a record $23.6 billion Bitcoin quarterly options expiration. The maximum pain point price is at $96,000, and the hedging actions of market makers may intensify market volatility in the 24-48 hours leading up to expiration, which is currently the most important short-term influencing factor.
Bitcoin$BTC : Range compression waiting to break through
Prices are compressed in a narrow range of 88,000-90,000. Multiple attempts to break through 90,000 have failed, and a sell-off occurred during U.S. trading hours, forming a 'compression coil' pattern, indicating that once broken, volatility will sharply increase.
Resistance: $90,000 is the primary psychological and technical resistance that must be overcome. Stronger resistance is in the 92,000-95,000 range, which is the previous dense trading area and short-term trend pressure point.
Support: Recent effective support is near 88,000. If lost, it may test the 84,000-85,000 range, which has been a key support level verified multiple times in December.
Ethereum$ETH : Weak linkage, waiting for confirmation
The trend generally follows Bitcoin and is overall weak. Technical indicators show insufficient market momentum, with multiple short-term moving averages creating resistance.
Resistance: 3,017-3,200 is the key resistance zone recently. The bulls need to break through this area with volume to reverse the weakness.
Support: 3,000 is an important psychological level. If broken, the next major support level is around 2,800.
