As the year comes to a close, the crypto market has faced a major test. Yesterday's options expiration set a record — a total nominal value of $28 billion, a figure that would make any trader's eyes widen.

Logically, such a large volume of capital turnover should cause significant market volatility. But the reality is a bit more sobering — Bitcoin retreated from around $89,000, briefly dipped below $87,000, then bounced back, stubbornly maintaining a "stalemate." The current quote hovers around $87,405, with a sideways trading atmosphere so intense it almost spills over the screen.

Interestingly, analyst Murphy pointed out that the $87,000 level is the real key. Why? Because it is where a large amount of Bitcoin's chips are concentrated, serving as the most solid support on the chart. Simply put, as long as this support level isn't effectively broken, there is still room for directional movement.

So the current situation is — watch whether Bitcoin can hold this line. If it does, the future direction will become clearer; if not, we’ll have to wait and see.