Bitcoin experienced a major event yesterday—$28 billion worth of options contracts settled simultaneously, the largest in history. Logically, such a massive expiration should have triggered intense volatility. But what happened? The market seemed frozen, oscillating between 87,000 and 89,000 without breaking through or crashing down. Many are beginning to ask: Can this support hold?

First, let's look at the options settlement. On December 26, contracts worth approximately $28 billion expired simultaneously. In the past, such enormous expiries often led to rapid market reactions, but this time was different—both bulls and bears appeared very restrained, as if waiting for the other side to make the first move. This stalemate indicates that market participants have differing opinions on the next trend, and no clear direction has emerged in the short term.

Turning to the news side, let's examine the US stock market. Last night, US stocks opened lower—crypto-related stocks were under pressure, with CRCL down 1.69% and COIN down 0.96%. Although the overall market was still up, the weakness in these stocks directly reflects institutional caution toward the crypto market. This sentiment has spread into the crypto space, naturally putting pressure on Bitcoin's price.

From a technical perspective, the 87,000 level has been repeatedly tested. The balance of power between bulls and bears at this point is gradually stabilizing. If this is a solid bottom, it depends on whether Bitcoin can break above 89,000 during the next rally; if it's just a fragile support, then a breakdown could see support around 85,000.

Ultimately, a multi-angle approach is necessary—while the news sentiment is somewhat weak, the fact that Bitcoin didn't crash after the options expiry shows resilience at the bottom. It is advisable to closely monitor the US stock market's subsequent performance and the key support levels, as these factors will directly influence Bitcoin's next move.