Bitcoin rose in the early morning of December 26, breaking through $99,900, but the price fell back quickly in the afternoon, falling below $96,000. Since Bitcoin broke through $108,000 for the first time on December 18 and set a new record high, its price volatility has increased significantly. On December 19, it started a high-level diving mode, falling below $100,000 during the session, and fluctuated widely between $92,500 and $99,900 in the following days.

On December 27, $14.27 billion worth of Bitcoin options expired, of which the options with a strike price of $90,000 had the largest open interest. Data from the derivatives exchange Deribit showed that the open interest of call options was $8.45 billion and the open interest of put options was $5.82 billion. Market makers may close hedge positions and short positions on Bitcoin, which may make the market volatile.

Technical level: From a short-term perspective, short-term moving averages such as MA5 and MA10 have shown a downward turning trend in the recent trend, which indicates that the short-term price trend of Bitcoin has begun to weaken. The recent price decline has weakened the support of the short-term moving average system.

Bitcoin's RSI indicator has no clear signal, but combined with the situation in the past few days, when Bitcoin hit the 100,000 US dollar mark, the RSI indicator was once in the overbought range. With the recent price correction, the RSI indicator began to fall from the overbought area. It has now returned to a relatively normal range, but there is still a downward trend, which indicates that the market's bullish power is gradually weakening, and the bearish power is gradually gaining the upper hand.

The MACD histogram continues to be positive but gradually shortens. By the morning of the 27th, the histogram became continuously negative and gradually lengthened, which shows that the long-term power is weakening, the air force is strong, the market's upward momentum is gradually weakening, and the downward momentum is increasing. The overall market trend has turned from strong to weak, and prices may continue to be under downward pressure in the short term.

12.27

Bitcoin: 97,500-97,000 short, target 96,000-93,500, stop 98,000

Ethereum: 3445-3415 short, target 3350-3260, stop 3485

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