Asian markets open and the crypto scene appears quite subdued. The impact of the year-end holidays continues to ferment, with Bitcoin still stuck below $90,000. The current quote is approximately $89,127.

It doesn't seem that the coin price is unwilling to rise; rather, the market is just too cold. Several market participants pointed out that during the holidays, liquidity was severely lacking, preventing BTC from breaking through this key resistance level. The direct result of low trading volume is that—prices repeatedly oscillate around this critical level. Even when macro news is favorable or unfavorable, it’s difficult to form a clear market trend.

This holiday effect is indeed obvious. During the holidays, many Asia-Pacific exchanges shut down, and market trading mainly references the performance of the previous full trading day. Data shows that the MSCI Asia-Pacific (excluding Japan) index rose by 0.35% on the previous trading day, bringing a slight increase to Asian stock markets' early trading today.

Gabriel Selby, head of research at CF Benchmarks, believes that the fundamental reason for this market condition is a triple overlay: seasonal slowdown, macroeconomic uncertainty, and liquidity exhaustion. He mentioned that during this period when macro data is released, Bitcoin has been stuck at the $90,000 mark, and even technical analysis shows a bearish wedge pattern, indicating a short-term risk of downward breakdown.

With the year-end approaching, trading volume typically dips to a low. In such an environment, the market’s characteristics of increased volatility, heightened pressure, and chaotic direction are amplified infinitely.

Asian morning snapshot: Bitcoin $89,127, up 1.5%; Ethereum...