Bitcoin's upward momentum seems to be weakening. In the past four days, spot ETFs have experienced nearly one billion dollars in outflows, which is not a very optimistic signal.

From a technical perspective, Bitcoin's short-term performance depends on whether it can hold above the 94,600 level. As long as it breaks through and stays above this price, it may attract new incremental funds, and the market can truly open up upward space.

Conversely, if it fails to break through effectively, the next few weeks may see a relatively dull trend—the entire pre-Lunar New Year market could oscillate between 88,200 and 94,600. This range-bound market offers neither directional opportunities nor excitement. To see a genuine trending market, it still depends on whether Bitcoin can break through the 94,600 threshold.