2026-01-09 09:42:47

#比特币价格走势 Seeing Bitcoin hovering around $87,000, the first thought that comes to mind is—I've seen this scenario before.

At the end of 2017, when everyone was talking about Bitcoin breaking $100,000, the price had also been grinding at the bottom repeatedly in a certain range. The sentiment back then was similar to now: Wall Street was bullish, institutions were entering, and policy winds seemed to be shifting, but the price just wouldn't rise—it fell into prolonged consolidation instead. As we later learned, that was the eve of the 2018 bear market.

The current situation is both similar and different. Bitcoin is trapped in the $85-90 range, seemingly stalled, but the underlying logic has changed. Institutions really have entered, spot ETFs are now reality, and regulatory frameworks are gradually improving—things that never existed in 2017. The issue is that these fundamental improvements haven't immediately translated into upward price momentum.

What's worth noting even more is the liquidation data. $892 million in leveraged positions were liquidated, with long positions accounting for most of it. What does this mean? It means there are still massive participants in the market betting on price increases with high leverage. When prices repeatedly touch stop-loss levels in this range, these positions keep getting liquidated. Whether this is a healthy signal or a risk signal depends on price movement after the liquidations.

History tells me that prolonged consolidation often signals a critical inflection point for directional choice. But at this critical juncture, what I'm more focused on isn't the short-term direction of the breakout, but why the breakout is delayed. DeFi trading volume fell 12.99%, stablecoin trading volume plummeted 27.51%—behind this lies participants' caution and hesitation. Institutional entry has changed Bitcoin's attributes, making it no longer just a speculative asset, but this identity transformation is still in an adaptation period.

This stagnation before year-end might be the market digesting the identity shift.

BTC0,02%

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