BTC's recent price movement has been quite convoluted. Last night it surged to $93,080 but couldn't hold, and today it has been fluctuating within the trading range of $90,000 to $92,000. The current price is stuck at $90,567, to be honest, the bulls and bears are engaging in a fierce range-bound struggle at this position.

From a technical perspective, the price is testing the Bollinger middle band support on the 4-hour chart (around $90,500). The MACD seems to be trying to turn at the zero axis, but the momentum is not strong enough, and the volatility has clearly narrowed. In simple terms: the direction is still unclear, and both sides are holding back their big moves.

However, the funding situation has revealed some positive signals. The U.S. spot ETF, which has been criticized for "voting with their feet," has recently seen a noticeable slowdown in outflows, and occasionally there are even signs of net inflows. More importantly, those whale addresses holding tens of thousands of BTC have started to quietly accumulate again within the range of 87,000 to 90,000—big funds believe this price level has long-term allocation value.

Market sentiment has eased significantly from the "extreme fear" at the beginning of the month, and is now in a "cautiously observing" state. On the macro level, the expectation of a rate cut in December has been priced in with an 85% probability, which is certainly positive for risk assets. However, we need to keep an eye on the PCE data from the beginning of the month, as that could cause some volatility again.

Summary: We are now in a stage of accumulation, will it break 93,000 or drop below 90,000? Let's wait and see.