The 21-week moving average may become the market's bull-bear watershed in the coming weeks.

The core view proposed last week that "Bitcoin may maintain a range-bound oscillation between $84,000 and $94,500" has been precisely validated by the market.

Established a short position near $94,000 and fully exited near $91,000, capturing approximately 3.4% profit (spot) in a single range trade, completing a high-probability, low-drawdown profit realization in a ranging market.

The market is always right, flexibly choose your battle plan.

Last week's trading strictly followed the established strategy, successfully completing 2 operations and achieving a cumulative return of 3.62%.

The core observation range for this week is $89,500 to $91,000, with liquidity decreasing during the Christmas week.

The three-week rebound has come to an end, and bullish momentum is clearly waning. Technically, the market is facing a key resistance level, and a short-term pullback to test lower support levels may be imminent, potentially leading to a second bottoming out.

This week is a crucial window for determining the trajectory of risk assets in 2025.

Observing the capital structure and institutional behavior: retail investors are flowing out, while institutions and hedge funds are taking over.