Recent market trends warrant a calm analysis. Bitcoin has been oscillating between $91,500 and $93,000, seemingly signaling a surge toward the $100,000 milestone. However, behind this sideways consolidation, there are several factors worth cautioning.

From the perspective of market hotspots, when major cryptocurrencies perform sluggishly, funds tend to flow into tokens that are hyped through holiday concepts. These tokens often lack fundamental support and rely entirely on emotional driving forces. Historical experience shows that such rallies supported by event-driven topics tend to have very short durations. Chasing these highs carries significant risk.

Even more important to watch is the upcoming options expiration pressure. The annual options expiration on December 26 involves a staggering $23 billion, making this period a focal point for both bulls and bears. Bears tend to push prices below $90,000 before expiration to settle, while bulls try to defend higher levels. In this "battle of the gods" market, retail investors who blindly use high leverage contracts face extremely high risks.

Therefore, for investors holding spot positions, it is recommended to continue holding and remain patient; for those trading derivatives, it is crucial to set reasonable stop-loss levels to avoid liquidation amid volatility. The key focus at this stage should be risk management rather than maximizing returns.