The recent market movements are quite interesting. Bitcoin surged to $90,000 multiple times in late December, but each time it was pushed back, and now it’s stable below $88,000. Several factors are at play behind this.

On one hand, geopolitical tensions remain high, making investors cautious. On the other hand, gold and silver recently hit new highs, with traditional safe-haven assets absorbing a lot of capital, pulling in many retail and institutional investors. The available capital is limited; when one side is strong, the other weakens.

However, from a technical perspective, Bitcoin’s relative volatility isn’t actually high, which usually suggests that the next wave of market movement might be brewing. But the reality is clear—short-term leverage liquidations are suppressing the rebound potential, and every time bulls push higher, they are easily knocked down by arbitrage traders. To break through $90,000, we’ll need to wait for another opportunity.