#美联储重启降息步伐 fell below $90,000 on December 6. So far this year, it's dropped by almost 3%.

What's next? In the short term, it's likely to fluctuate within the $83,000 to $95,000 range, and the key factor will be the tone set at the interest rate cut meeting in December.

Looking further ahead, institutional moves are getting interesting—JPMorgan has directly set a target price of $170,000, and bottom-fishing capital is gradually entering the market. On the other hand, there's still pressure from capital outflows and the looming threat of regulation, making the market outlook rather uncertain.

It's a tug-of-war between bulls and bears—let's wait and see.