Recently, Bitcoin's performance has indeed been quite frustrating—oscillating back and forth within the $84,000 to $94,000 range, which has exceeded most people's expectations. There has been no more of the previous exhilarating one-sided surge, nor a deep plunge. This stalemate essentially indicates that the market is testing—no one dares to act rashly.

Why is this happening? There are actually several driving forces behind it. In this macroeconomic chess game, major global players are adjusting their strategies. The monetary policy directions of institutions like the Federal Reserve and the European Central Bank are still changing—some countries are sticking to high interest rates to combat inflation, while others are starting to loosen monetary policy. This policy divergence makes global capital flows highly unpredictable. As an alternative asset, Bitcoin is especially sensitive to global liquidity—funds tend to move where liquidity flows. Currently, investors are on the sidelines, and this hesitation is directly reflected in the price.

Adding to the complexity is the looming threat of regulation. Different countries have vastly different attitudes toward cryptocurrencies—sometimes tightening, sometimes being more friendly. This uncertainty keeps market nerves on edge.

From an internal market perspective, the bulls and bears have long been in a deadlock. The $84,000 level repeatedly serves as support for the bulls, indicating that there are quite a few buyers willing to step in at this price. But the problem is, the upward force needed to break through the resistance is still insufficient. In such foggy conditions, aggressive long-term decisions are like gambling—risk and reward are completely unbalanced. At this moment, observing is more valuable than waiting, and precise positioning is more worthwhile than blind betting.