The recent atmosphere in the crypto market feels like being trapped in a fog, with both bulls and bears unable to find an exit.

"Dumping right at 11 PM every night, this routine has been looping for several weeks." Traders online are complaining about this predictable pattern and have even given it a name—the "11 o'clock curse." Dumping has become a daily script in the market.

The liquidity crunch is indeed severe. On-chain data shows—exchanges' Bitcoin reserves have been decreasing since early August, with a drop of about 8%, and the total value has fallen from $300 billion to $250 billion.

Even some well-known bullish analysts have given up. Recently, Semi-Mu Xia announced a change of stance, adopting a more conservative approach. Coupled with the unpredictable negotiations between El Salvador and the International Monetary Fund, the already fragile market is now facing even greater challenges.

**The market is at a standstill, with volatility pushed to the lowest levels**

Bitcoin is currently stuck in a frustrating technical consolidation zone. Looking at the 4-hour chart, BTC has been oscillating around $87,000 for several days. Resistance is stacked at $88,300 to $88,900, while support lies at $86,000 to $84,000. The range of volatility has been compressed to the extreme.

This ultra-low volatility indicates one thing—the market is about to make a decision, and a major directional move is imminent.

Open interest in futures contracts remains stable between $55 billion and $60 billion. Traders are not closing positions; instead, they continue to hold leveraged positions. It’s like adding pressure to a stretched spring—once the breakout occurs, the resulting volatility could be fierce. The market is now at a critical point of this buildup.