$BTC From the current support level, if the big cake falls below 92520 this week, the lower support can be seen between 89.6k-83.8k; if it stands firmly at 92520, it may directly start a new round of rise from this line, and the upper pressure level is concentrated in the range of 10k integer mark and 102200.

It's been a day, and Ice Sugar has also observed the market for a day. Let's talk about today's thoughts!
The new week is approaching the end of the year, and the overall market sentiment is like the weather this winter, cold and desolate. In two days, the bell for 2024 will ring. For this week, unless there is some explosive news, it is likely to continue a trend of fluctuating downward, as the market needs fresh stories to ignite passion.

In the past week, Bitcoin has slightly dipped around the 92k range. The seemingly insignificant price fluctuations are actually a subtle contest among major players. Retail investors have long since sold off what they should, and the remaining chips have become the spoils of war for major players testing each other.
The focus of the current market has long shifted from harvesting retail investors to whales testing each other. The chips thrown out by institutions like Grayscale and Mentougou are exactly what the major players see as hot commodities. Why? Because they can gradually enter the market in batches within the 90-110k range over a long time span to lower their costs.
And what about retail investors? They simply cannot gain any benefits from this range of speculation. Ice Sugar has mentioned many times that the rhythm of the major players dumping and pumping is not something an ordinary person can easily predict.

In the past week, Bitcoin-related ETFs experienced a net outflow of $1.327 billion, the largest single-week outflow since the rise from 49k. Data does not lie; what does this signify?
It likely indicates that the market may continue to adjust in the short term, breaking below the support range of 91000-92500, thus completing a breakdown adjustment. Why break? No break, no standing; only by forcing retail investors to completely abandon their fantasies can the major players calmly buy the dip and initiate the next round of increases.

Looking at the turnover rate, the turnover data for the past week was only one-third of the weekend, which mirrors the state during the long-term fluctuations at 65k and 26k. To put it in a popular saying: the market has already been 'ruined'; retail investors who should have exited have exited, and what remains is merely a smoke-free battle among major players.
Unless there is a significant positive or negative development, the market will basically maintain this fluctuating downward rhythm. Even if retail investors still hold onto hope, believing that a drop below 90k will present a new buying opportunity, the major players clearly do not want to make it that easy for people to buy the dip.