BTC concludes the year with an upward trend, driven by multiple factors. Policy disturbances, the four-year cycle resonance, and upheavals among leading exchanges—these could all serve as catalysts for the next wave of market movement. From a technical perspective, the annual moving average is a key support level, and a breakout is expected to potentially target the 115K region resistance. The logic of reactive trading in the market is being activated, and it is worth paying attention to the subsequent upward space release.