As the Christmas season approaches, the market has revealed its true colors—put simply, it's not that the long positions don't want to pump, but that there simply isn't that much firepower.

Look at this liquidity: Bitcoin wants a piece of the pie, Ethereum also has to get a share, and the remaining altcoins are still queuing behind. So what’s the result? None of them are satisfied, and no one dares to take the initiative. This is the most critical issue right now - the market power is too dispersed, like loose sand, lacking synergy.

Those who trade know that without significant positive news, leverage cannot build up. Want to see the market surge? It's all up to the mood of the main players. In this situation, the serious business is to do structure and position properly.

In terms of Bitcoin, there are two key levels to remember on the 4-hour chart:

The support below is in the range of 86600-85100. Once it drops here, this is the "well-known bearish low point" where the big players like to quietly accumulate positions. You can use the previous low point as a stop loss and try to see if there are opportunities for a long position rebound.

The resistance level above is between 90500-91600. Don't rush to short until it reaches this height; don't think about a top yet. Wait until it really gets here, then it will be a place worth serious positioning.

A brief summary of the current market characteristics: The Christmas holiday combined with liquidity exhaustion has the main forces circling around, while retail investors are being tossed back and forth. In this environment, don't think about making big moves, and don't go all-in with heavy positions; the smartest approach is to enter and exit with a plan.

Remember to timely reduce the short positions from Ethereum last night for protection. A prompt will be given in advance when the next key structure appears.