Analysis: The crypto market may continue to fluctuate until a clear catalyst emerges, with BTC failing to break through the $95,000-$98,000 resistance zone.

Odaily News: The Bitfinex Alpha report points out that Bitcoin's upward attempt was hindered, failing to hold above the $95,000 to $98,000 resistance level and falling back into the established range. After hitting a high of $97,850 in mid-January, Bitcoin retreated by over 10%, falling below its yearly opening price. Spot buying momentum has weakened, and ETF outflows have intensified. Derivative positions have been adjusted in an orderly manner, with volatility reactions still confined to short-term contracts, indicating that market caution is event-driven rather than a broader shift in market mechanisms. In the absence of a recovery in spot and ETF demand, Bitcoin may continue to trade within a range until a clearer demand catalyst emerges.