January 23, 2026 Bitcoin Morning Analysis

Short-term sideways with upward bias, focus on key resistance level breakthroughs

Currently, Bitcoin is trading around 89,800. Cheng Jingsheng provides a brief analysis of today's market sentiment. The market is in a资金博弈期 before the Spring Festival. On one hand, some institutions and individual investors are taking profits to avoid holiday uncertainties, leading to slight capital outflows; on the other hand, expectations of global liquidity easing and continuous buying of Bitcoin spot ETFs provide strong support for prices. This tug-of-war between bulls and bears is the main reason for the recent choppy market movements.

The KDJ indicator has entered the overbought zone, indicating a short-term pullback is needed.
The Bollinger Bands show the price testing the upper band resistance. If a successful breakout occurs, further upward space will open. The MACD red histogram continues to expand, indicating that the current rebound momentum remains.

In the short term, the market is likely to maintain a sideways to slightly bullish pattern. Support levels are around 89,500-89,300. After a pullback and stabilization, long positions can be added. The first resistance levels are at 90,300-90,500. If these cannot be effectively broken, caution is advised for profit-taking and potential pullbacks.

建议操作：在89000-88400附近分批布局，目标位看向90680-91200-92000。

The above is only personal advice for reference. Please follow Cheng Jingsheng's strategic layout for precise trading!!#BTC