Bitcoin has reached this point this year and may be standing at the third key node. Looking at the daily chart, there have been turnarounds at 53000 and 75000 before. According to the historical regression trajectory, the lower band is roughly at the position of 90000— the market is currently hovering in this range.

Looking clearer on the 4-hour level: the price once dropped below 80,000 but was quickly pulled back, and currently it seems to be holding steady. However, there is a detail worth noting: the daily candlestick on December 4, 2021, is remarkably similar to the movement on October 11 of this year. Historical experience tells us that after the 2021 incident, the market entered a prolonged bear market.

But the key is that the market in 2025 is no longer comparable to that of 2021. Now, the policies of various countries are gradually becoming clear, and the volume of funds is completely on a different level.

The 4-hour chart on Ethereum is beginning to show a reverse divergence pattern, with the selling pressure significantly weakening, and signs of stabilization emerging.

SOL recently dug a deep pit and climbed back up, the 250 daily chart moving average is gradually approaching, according to this trend it should return to the moving average.

Considering the current market sentiment, news developments, and combining them with historical regression and the RSI indicator, we may already be in a bear market—especially after the event on 1011. The market now needs a larger injection of funds to boost confidence. Once the panic sentiment is fully digested, perhaps the bull market can continue.