The recent weeks' trend in the crypto market is indeed worth pondering, with several key signals releasing important information.

Bitcoin's most critical resistance is around $89,200, which is close to the 50-day moving average. Whether this level can be held directly determines short-term market sentiment. Looking downward, a break below could trigger a larger-scale correction.

Ethereum's situation is somewhat more complex. It needs to regain above $3,200 and further break through the resistance at $3,220 to have a chance to reverse its downward trend. The core support is distributed in the $3,080-$3,120 range. Some analysts suggest a potential double bottom formation near $3,000, but the prerequisite is an effective breakthrough of the $3,350 resistance level afterward.

From an institutional perspective, the turning point of capital flows in Bitcoin and Ethereum ETFs is very critical. If they can shift back to net inflows, it indicates institutional demand is returning, which can significantly boost overall market sentiment.

Particularly worth noting is the upcoming large-scale token unlock in January. Projects like ONDO, BGB, and others involve substantial unlock amounts, which could have a tangible impact on the prices of related tokens and overall market liquidity.

For short-term traders, market volatility is increasing at this stage. The smartest approach is to strictly control positions and leverage. Keep a close watch on the support and resistance levels mentioned above, wait for clearer directional signals, and avoid tokens with large unlocks imminent.

On the other hand, long-term investors might see the current pullback as a good opportunity to accumulate. The "super cycle" theory proposed by leading institutions like Fidelity, along with Bernstein's view that the market has bottomed out, provide reference points for long-term holdings. Consider deploying a phased dollar-cost averaging strategy near key support levels and prepare psychologically for long-term fluctuations.

Ultimately, the market is in a tug-of-war between short-term adjustments and long-term optimism. In the coming days, focus on whether Bitcoin can hold the $89,200 support line and monitor the subsequent capital flow changes in mainstream coin ETFs—these are the true barometers of market sentiment.