BTC (Bitcoin) drops below $91,000, with a market capitalization of approximately $1.82 trillion

Gate News Bot Message, January 09. According to CoinMarketCap data, at the time of press, BTC (Bitcoin) is trading at $90,994.47, up 0.18% in the past 24 hours, with a high of $94,762.07 and a low of $89,233.88. The 24-hour trading volume reached $43.029 billion. The current market capitalization is approximately $1.82 trillion, an increase of $32.88 million from yesterday.

Bitcoin is an innovative payment network and a new form of currency. BTC operates on a peer-to-peer technology, without the need for a central authority or bank involvement. Transaction management and Bitcoin issuance are collectively handled by the network. Bitcoin is open-source, with its design publicly available. No one owns or controls Bitcoin, and everyone can participate. Through its many unique properties, Bitcoin enables exciting applications that traditional payment systems cannot achieve, including fast peer-to-peer transactions, global payments, and low processing fees.

Recent Important News about BTC:

1️⃣ National Strategic Reserve Policy Supports Long-term Demand
The US government’s national Bitcoin strategic reserve plan is further advancing, with an initial goal of holding 1 million BTC. The Trump administration established a national Bitcoin reserve through an executive order. Currently, assets are mainly accumulated through law enforcement asset seizures, but in the future, the government may begin directly purchasing Bitcoin to bolster reserves. This policy framework creates long-term institutional demand for Bitcoin. States like Florida are also promoting state-level Bitcoin reserve plans, forming a top-down policy support system.

2️⃣ Market Risk Appetite Recovered but Leverage Risks Rise
JPMorgan analysis indicates that the “de-risking” process in the crypto market may be nearing its end. Fund flows into Bitcoin and Ethereum ETFs show signs of stabilization, and futures market positioning indicators suggest that investor deleveraging has largely completed. However, derivatives position data shows that market leverage is increasing, with open interest in Bitcoin futures and options rising to nearly 700,000 BTC, a three-week high. Perpetual futures funding rates remain around 0.09%, indicating traders continue to use leverage to buy on dips. This concentrated long position poses a risk of forced liquidation during price corrections.

3️⃣ Technical Pressure and Psychological Expectations Diverge
Bitcoin rebounded to $90,500 after testing support at $89,200 but faced resistance at the key level of $95,000, forming a three-day correction pattern. The crypto fear index dropped to 27, with the market remaining in “fear” for several days. Options market data shows that the largest pain point for options expiring on January 17 is at $90,000, with a large number of put options below $85,000. Market expectations are clearly divided: Polymarket’s forecast of Bitcoin reaching $100,000 in January has fallen to a 29% probability, while some analysts remain bearish down to $76,000.

This message is not investment advice. Please be aware of market volatility risks when investing.