The recent market has indeed been unremarkable, and with the stock market closed during the Christmas holiday, short-term movements are just testing the bottom repeatedly, making it difficult to see any clear trending pattern.

From an emotional perspective, the market is currently in deep panic. Looking at the contrast between the bears and bulls makes it clear—many retail investors holding long positions are all trapped, with chips highly concentrated. To reverse this situation, how much trading volume would be needed? Frankly, without sufficient volume support, the trend can only continue to move downward along its original inertia.

The most likely scenario right now is this: a sharp decline to break through the bulls' defenses and stop-loss levels, clearing out the floating chips, and only then a rebound might occur. The 90,000 integer level has been repeatedly tested but cannot be broken through; the natural result of this is continued downward movement.

In terms of trading strategy, I am currently mainly shorting leading cryptocurrencies like Ethereum and Bitcoin. Once a downward trend forms, liquidity will be much higher. I have no plans to catch the bottom and buy in at the moment. If I do look for low-entry opportunities, I will only focus on Bitcoin, the largest target. I will avoid other assets for now and wait until the trend is clearer.