Based on Jintou Data and current market dynamics, the overall crypto market tonight is leaning towards bearishness. The main drivers are macroeconomic concerns, year-end fund withdrawals, and low liquidity amplifying volatility, making short-term declines more likely than gains.

Core Bearish Signals (as of December 24, 22:00)

1. Macroeconomics and Policy: US Q3 GDP revised to 4.3%, exceeding expectations. Market has lowered expectations for rate cuts in 2026, risk appetite has cooled, and funds are shifting into safe-haven assets like gold.
2. Funds and Liquidity: Perpetual contracts for BTC/ETH have shrunk by about $5 billion, indicating accelerated deleveraging; ETF inflows have stagnated, institutional “tax loss harvesting” at year-end has led to concentrated liquidations, and low liquidity is amplifying volatility.
3. Technicals and Sentiment: BTC has fallen below 88,000, currently around 87,000, breaking below the 365-day moving average; the Fear & Greed Index has dropped to 24; the NFT sector led declines with over 9%, and altcoins are experiencing even greater volatility.
4. Event Catalysts: Approximately $28 billion in options expire this Friday. Market is cautious ahead of the holiday, which may trigger forced liquidations and downward price movements.

Weak Bullish Signals (difficult to offset overall bearishness)

- Extreme panic may be approaching a local bottom. Long-term holders are slowing their sell-offs. Some oversold altcoins may see short-term rebounds, but sustainability is weak.

Tonight’s Trading Recommendations

- Positioning: Light or no positions, avoid high leverage.
- Key Price Levels: Support at 85,000 for BTC—breaking below may accelerate decline; resistance at 89,000—weak rebounds could be opportunities to short.
- Risks: Amplified volatility under low liquidity; beware of sudden large sell-offs and chain reactions of contract liquidations.