On Monday, Bitcoin quickly broke through the $90,000 mark, hitting a new weekly high. Simultaneously, gold and silver also reached new highs, with investors' risk aversion clearly increasing during the year-end period. A few days remain before the "Santa Claus rally" window closes, and the market is focused on whether additional funds will enter in early January to activate a rebound in the crypto market.

Looking at specific data, Bitcoin is trading around $90,032, up 2.4% compared to the previous day. The second-largest market cap Ethereum is quoted at $3,038, a 2.93% increase; Ripple also performed well, rising 2.18% to $1.9162. Behind these green figures, however, lies a subtle reality.

At the start of the year, Bitcoin's opening price was set at $93,374. To end 2025 with a positive return, Bitcoin still needs to rise by 6.24% to turn around. There are only 3 days in the window to accomplish this; otherwise, it will end the year with a loss—marking the first annual negative performance in half a year.

Looking back over the past few months: in October last year, Bitcoin reached a historic peak of $125,000, followed by a rare market crash that completely reversed the situation. From the peak to now, the decline has totaled about 30%. Although support was formed near $80,000 in November, whether this bottom can hold remains debated among analysts.

The core controversy within the market is whether Bitcoin's bull run has already ended or is just a correction? Will it rebound or continue to probe lower? The answer may depend on how macroeconomic trends and market liquidity evolve. This game of chess has only just begun.