12.26 Bitcoin Sharing

Today, $23.6 billion worth of BTC options expired, setting a record. Coupled with Christmas low liquidity and the expectation of fund inflows after Wall Street holidays, volatility over the next 48-72 hours will significantly increase. The $85,000-$89,000 range will become the key battleground for bulls and bears. Put options at $85,000 and call options at $100,000 are heavily concentrated. Market makers' Delta hedging around expiration can easily trigger price "pinning" or gaps, and low liquidity will further amplify volatility.

Precious metals strengthening has boosted risk aversion. After the US stock market closes, institutional funds are expected to flow back on Monday. The market is awaiting directional guidance, with current funds adopting a defensive stance.

Christmas sideways trading (87,000-88,500), RSI neutral, MACD flat. Strong support levels are at 86,000-85,000, with short-term resistance at 88,500-89,000.

Recommendation: Light long positions at current prices, with a target around $88,000 for phased exits. For rebounds, open short positions in the 88,500-89,000 range, targeting 86,000-85,000 as key support.