At this stage, before liquidity truly returns, Bitcoin is most likely to continue fluctuating within the range. If BTC fails to hold the $86,000 support level, it may test the support between $84,500 and $85,500.

Looking at the longer-term perspective, the next 1 to 3 months should focus on these key points: how the Federal Reserve will act, where institutional money is flowing, and the inflow and outflow of funds in spot ETFs. Additionally, the RWA track and ecosystems like Layer1 and Layer2 may present some structural opportunities. Mainstream cryptocurrencies are still waiting for new catalysts to break the current pattern. Once there is significant positive news or policy changes, a breakout could occur.