Recently, Bitcoin's price movement has been like this—rising sharply and then pulling back, oscillating repeatedly between $91,000 and $94,500, with intense tug-of-war between bulls and bears.

Looking at the specific data, on January 7th, it peaked at 94,420, but was quickly met with resistance, dropping sharply by 3 points before bouncing back. The entire network saw liquidations of $440 million at that time, with a large number of long positions being wiped out. By January 8th, the market continued to retrace, falling to a low of 90,873, and is now hovering around 91,500.

What does the technical analysis say? The key resistance is around 94,000 to 94,500, which requires significant volume to break through. The support levels are at 91,000 to 91,500, representing strong intraday support zones. If it breaks further down, 90,000 becomes the last line of defense. The daily MACD remains above the zero line, indicating that the long-term bullish structure has not been completely broken. However, the two-hour timeframe shows increasing bearish momentum, with the price breaking below short-term moving averages. The 120-day moving average, around 90,750, now serves as an important technical support.

From a capital flow perspective, there's an interesting situation—although ETF inflows are still ongoing, the short-term active selling volume has reached its highest since December 23rd, indicating that many are taking profits. Leverage and volatility are both relatively low, and market sentiment has not been fully stimulated, showing a generally cautious, structural stance.

What do institutions think? Bernstein maintains their 2026 target of $150,000 and believes that $80,000 is a bottom, with long-term confidence unchanged.

Operationally, the strategy remains to buy low and sell high. Consider small-scale buying near support levels, reduce positions near resistance, set stop-loss orders properly, and control your position size carefully—avoid chasing rallies or panic selling.

Next, focus on two key things: tonight’s US non-farm payroll data will directly influence expectations for rate cuts and risk asset preferences; also, whether ETF capital flows can continue their net inflow trend, which will determine the short-term market direction. If the support at 91,000 is effectively broken, then watch whether the market will test lows again around 90,000 to 89,000.