Bitcoin has recently been testing the $90,000 mark back and forth, but unfortunately, each Rebound has been short-lived, indicating that long positions are lacking confidence. More and more traders are starting to ponder whether this wave of market activity is entering a Bear Market. The sentiment in both Spot and derivation is tinged with caution.

Interestingly, gold has reached a new high, soaring to $4420 per ounce. There are people in the market speculating on the story that "funds are flowing from gold to Bitcoin", but this claim is actually unfounded. Industry insiders have long pointed out that the story of fund flows sounds comforting, but in reality, there isn't that much direct evidence. The true situation in the market is much more complex—macroeconomic environment, liquidity conditions, and the positioning of various funds are the real driving forces.

From a technical perspective, Bitcoin is still struggling below the key moving averages. The 100-day moving average is stuck around $85,000, which was originally a good support level, but if it breaks this position, the downside could look towards $80,000. In the short term, the price is still oscillating within a range, and for long positions to turn around, they must hold these key moving averages; if it falls below, the downside risk will need to be reassessed.