BTC's early morning rally was quite significant, jumping by 2.6%. However, the holiday market situation is a bit awkward—liquidity is indeed thin, and prices are mostly driven by spot and perpetual contract buy orders, with liquidations not being as obvious.

From the perpetual perspective, the funding rate on Deribit has surged above 30%, indicating that traders are mostly betting on long positions and are in a typical short gamma state. If the price holds above the key level of $94,000, it could trigger large buy orders from hedge funds, further pushing the market higher.

Looking downward, the $85,000 support level in December is something to watch. Whether this level can hold will directly impact the subsequent direction.