As of January 8th, Bitcoin's current price is around $92,600. Although the start of the year saw a fierce rally, the past couple of days have entered a clear consolidation phase—liquidity remains ample, and continuous net inflows into institutional ETFs provide support for the bulls. However, the previous high of $94,000 acts like a hurdle that hasn't been fully overcome.

From a technical perspective, this level is quite interesting. The $85,000-$88,000 range below provides solid support, while the $96,000-$99,000 zone above is the real resistance area. Currently, leverage levels are not high, and volatility is relatively low. The trend is still in the observation stage, with no particularly clear direction.

How to operate? Bulls can gradually enter in the $91,000-$92,000 range, with stop-losses below $88,000, aiming for a breakout above the resistance at $96,000. Bears, on the other hand, can take small short positions when encountering resistance at $94,000-$95,000, with stop-losses above $96,000, and target the $90,000 level below.

But the most critical factor is to keep a close eye on the Fed's interest rate cut expectations and regulatory trends, as institutional fund flows are the most direct indicator. Honestly, avoid chasing the market or panic selling, and keep your position size within 30% to survive longer amid volatility.