As of December 25, 19:00 (UTC+8), Bitcoin is around $87800, with a slight increase of about 0.3% for the day. The Christmas holiday is characterized by low liquidity and narrow fluctuations, making it prone to 'spikes'.

1. Core Market and Key Levels

• Daily Range: $86760-$88175, with a center around $87600-$87900.

• Support Levels: 87000 (daily), 86000-86500 (core), 85000 (strong support).

• Resistance Levels: 88000-88500 (daily), 89500, 90000 (psychological level).

• Volume Sentiment: Trading volume has shrunk by over 45% compared to usual, perpetual contract open interest has decreased, and the fear and greed index is around 24 (extreme fear).

2. Technical Analysis and Trend Judgment

• Daily Chart: Moving averages are in a bearish arrangement, MACD is weak, representing a weak consolidation after breaking key levels, not a clear bottom formation.

• Evening Outlook: There is a high probability of continuing the narrow fluctuations between 87000 and 88000; under low liquidity, large whale transfers and market rumors may trigger rapid volatility; if it breaks below 86000, it may test 85000; if it breaks above 88500 with volume, it may test 89500-90000.

3. Operation Suggestions

• Position: Light positions or wait and see, avoid heavy positions, with a single transaction not exceeding 5% of total funds.

• Strategy: Sell high and buy low within the range, try to go long with light positions around 87000-87500, stop loss below 86000; try to go short with light positions around 88000-88500, stop loss above 89000.

• Risk Control: Strict stop loss, beware of 'liquidity traps' causing sudden spikes without warning, evening volatility may intensify.

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