Bitcoin's recent performance has attracted a lot of attention. The price has remained above the 7-day, 25-day, and 99-day moving averages, with multiple timeframes showing a clear upward momentum, signaling a potential bull market to many investors. From the institutional side, the trend is also quite positive—spot Bitcoin ETFs have recently attracted nearly $500 million in inflows, indicating that institutional capital is indeed reallocating assets. Meanwhile, the actions of whales are also noteworthy; these large holders have significantly accelerated their accumulation of BTC over the past 30 days, and historical experience suggests that such behavior often foreshadows a major market move.

However, everything has two sides. On the technical front, the MACD indicator has already shown a bearish crossover, with the signal line being broken, which could mean that the upward momentum is weakening. More concerning is the regulatory environment—by 2025, scams related to Bitcoin ATMs have already caused losses exceeding $330 million, prompting increased scrutiny from U.S. regulators. If policies tighten, access to Bitcoin could be restricted. The derivatives market also shows signs of caution; December's futures trading volume hit a new low for the year, indicating declining risk appetite and potential liquidity pressures.

Community sentiment is generally bullish, with news of BTC breaking through $90,000 exciting many, targeting the $94,000 to $95,000 range. Discussions around crypto adoption are also lively, with optimism about banks launching crypto services and attention to the U.S. government’s BTC reserves. The accumulation patterns of whales and the bullish tilt of prediction markets have become hot topics. However, amidst this wave of optimism, maintaining caution is essential. The weakening of short-term momentum signals and regulatory pressures are factors that warrant attention and careful consideration.