On January 8th, the crypto market followed global risk assets downward, with Bitcoin experiencing a significant intraday correction. The price briefly broke through the $91,000 level, dropping over 3% from the day's high, and is currently hovering around $92,000. From a technical perspective, the key support zone is between $91,000 and $91,500, while the resistance above is between $93,000 and $94,000.

Ethereum's decline was even sharper—dropping over 5%—and is now consolidating around $3,200. Support levels are around $3,180 to $3,200; if it can't hold, the next resistance is at $3,300 to $3,350. Other smaller tokens generally weakened as well. XRP was under noticeable pressure due to ETF-related factors, and mainstream coins like SOL also fell significantly, each dropping more than 5%.

What is the root cause of this decline? The strong rebound of the US dollar, divergence in the US stock market, and heavy losses in commodities—these factors combined to directly kill market risk appetite. Additionally, high-position traders began taking profits, leveraged positions were forced to liquidate, and the total liquidation amount in 24 hours surged to a high level.

From a trading perspective, the recent approach should be more cautious and favor sideways to weak movements. The key is to hold the lines at $91,000 (Bitcoin) and $3,180 (Ethereum). Once broken, the next step depends on whether $90,000 and $3,100 can hold. Until support is broken, small positions can be used for range trading, but only if strict control over position size and stop-loss points is maintained.