On January 9th, Bitcoin continued its recent oscillation, moving back and forth around the $90,000 level. As of now, the price is approximately $89,881, down 2.4% in the past 24 hours, with the gains accumulated in the first week of the year almost fully wiped out. This wave of correction not only shrank the total market capitalization of cryptocurrencies by 2.6% but also triggered a chain reaction — over the past day, global crypto liquidations exceeded $477 million, with long positions accounting for over 90%, causing retail investors chasing the rally to be directly liquidated.

At the core, the logic is that the bulls and bears are fiercely battling. The liquidity recovery benefits at the start of the new year are fading, and recent weekly outflows from the US Bitcoin ETF reached $243 million, directly weakening the buying momentum. Meanwhile, global risk aversion is rising, as everyone awaits key data such as US employment figures. Risk appetite continues to decline, making it difficult for Bitcoin to hold the $90,000 psychological level.

However, long-term support factors remain in place. The US crypto regulation bill is progressing, traditional large institutions are continuing their布局, and combined with the macro backdrop of "rate cuts and dollar depreciation," these support the long-term upward trend of Bitcoin. Market analysts generally believe that this current correction is merely a technical adjustment, in the process of forming a second bottom. Industry insiders see $100,000 as an important bull-bear dividing line, still the core target for this round of correction. Once volume picks up and it stabilizes above this level, breaking the previous high within the year is highly probable. In the short term, $92,000 and the $90,000 psychological level are key support points; whether these levels can be held determines the strength of the subsequent rebound.