#特朗普数字资产政策新方向 on December 6, $BTC directly fell below $90,000. Overall, it's only dropped about 3% this year, but this level is indeed a bit awkward.

In the short term, the 83,000 to 95,000 range will likely see some choppy sideways movement for a while. The key is whether the Fed will cut rates this month—this will basically determine the direction for the rest of the year.

On the institutional side, there have been quite a few moves. JPMorgan recently even set a target price of $170,000, so clearly someone is buying at the lows. But on the other hand, funds are continuously flowing out and regulations are tightening in various countries, so it's really hard to predict what will happen next.