#加密生态动态追踪 Mid-December, BTC experienced a significant correction, with key support levels being tested multiple times—

The recent market has been quite intense. The price once broke through the important threshold of $86,000, with a low of even $85,578. From the October high, this represents a retracement of over 30%, with some periods approaching a 40% decline. Retail investors and short-term traders are really starting to panic now, with stop-loss orders piling up, and a pervasive "surrender" pessimism in the market. Interestingly, institutional players haven't wavered much; they are holding steady with 5.94 million BTC, and some large holders are even adding to their positions against the trend. These institutions account for nearly 30% of the circulating supply.

From a technical perspective, the daily EMA has already turned downward, the 15-period moving average is creating resistance around the $90,000 mark, and the lower band of the Bollinger Bands has broken below the $86,700 level, indicating a strong bearish sentiment. However, switching to the four-hour chart reveals more clues—the market has entered an extremely oversold zone, and a rebound is building. The previous upward spike and subsequent sideways consolidation within that range have not yet been broken, with frequent upper wicks, moving averages flattening out, showing typical signs of sideways consolidation.

Market sentiment changes are also very evident. The bulls and bears are fiercely contesting, the greed index has fallen from high levels to cautious levels, and off-chain funds are holding a wait-and-see attitude. In the past 24 hours, the entire crypto derivatives market experienced over $600 million in liquidations, with 184,600 traders being forced out. Among these, long positions accounted for $505 million in liquidations, with the largest single liquidation occurring on a major exchange’s BTC futures contract, totaling $11.5818 million. Traders, remember to set proper stop-loss orders. $BTC