#比特币价格表现 Q4 fell over 22%, this data is indeed quite sobering. I observed the recent position adjustments of several top traders I follow—almost all of them chose to reduce their positions rather than add during this rebound—which clearly indicates a problem.

It seems that the rebound to $90,000 is just a technical correction; the funds haven't truly re-entered the market. Compared to the strong cycles in previous Q4s, this year's performance should definitely be seen as a warning signal. Falling below the levels at the beginning of the year, with a 30% gap from the recent high, all serve as reminders: short-term volatility risks remain very high.

The core of following trades is to follow the right people doing the right things. In the current situation, I prefer to observe traders who have set clear stop-loss levels—how they handle this rebound is more worth watching than the rebound itself. Seasonal factors combined with tightening liquidity mean everyone is vulnerable to year-end retracement risks. Instead of chasing highs, it's better to wait for those top traders to give clear directional signals. Practice has shown that being cautious allows you to survive longer.