In this wave of market rebound during Christmas, although the total open interest of Bitcoin futures has shown a downward trend, the price has surged rapidly, clearly indicating a strong driving force in the spot market. It can be inferred that large holders are likely to have purchased a substantial amount of spot BTC during the Christmas period. Recent market dynamics suggest that the impact of a certain trend has begun to manifest. Although some may be skeptical about this, from another perspective, many investors may have quietly accepted the expectation that the Federal Reserve will only cut interest rates twice in 2025. After Powell's speech, the BTC price remains firmly above $100,000, which is undoubtedly a signal that investors are gradually adapting to and accepting new expectations. Additionally, the core PCE data before Christmas has also provided strong support for market sentiment. More critically, the market's support level remains solid, with the range of $95,000 to $100,000 providing strong psychological assurance for investors. In such a market environment, unless substantial negative news emerges, I personally hold a cautious attitude towards short positions. Regarding future market trends, I have the following points of view: 1. If the pullback breaks below $92,520, the support levels below may be around $89,600 and $83,800. 2. If the pullback does not break below $92,520, it may indicate that a new round of upward trend has begun from that price level. 3. The upper pressure level mainly focuses on the round number of $100,000 and around $102,200. 4. After this adjustment, the overall direction of the market's continued rise has not changed. In summary, although the current market environment is volatile, the overall trend remains positive. Investors should maintain a cautiously optimistic attitude and closely monitor market dynamics and changes in key data. Currently, I am optimistic about the concept of Ethereum chain Musk's little dog Pp, which is worth laying in wait for!