Recently Bitcoin has been underperforming. On January 8th, it dropped 2.96% in a single day, breaking through the $91,000 level. The battle between longs and shorts over the past 24 hours has been quite intense. Although it briefly recovered to the $90,000 level earlier, to be honest, the foundation of this rebound isn't that stable.
You can tell from institutional moves——their stance on holdings is quite cautious, and long-term demand in the futures market is particularly weak. The factors behind this correction are actually quite complex: macroeconomic data, Federal Reserve policy expectations, and the spillover effects from US stocks are all playing a role. The market is now in the pullback phase following the high-level volatility, and investors are basically waiting, with a particularly strong sentiment of caution and observation.
Recently Bitcoin has been underperforming. On January 8th, it dropped 2.96% in a single day, breaking through the $91,000 level. The battle between longs and shorts over the past 24 hours has been quite intense. Although it briefly recovered to the $90,000 level earlier, to be honest, the foundation of this rebound isn't that stable.
You can tell from institutional moves——their stance on holdings is quite cautious, and long-term demand in the futures market is particularly weak. The factors behind this correction are actually quite complex: macroeconomic data, Federal Reserve policy expectations, and the spillover effects from US stocks are all playing a role. The market is now in the pullback phase following the high-level volatility, and investors are basically waiting, with a particularly strong sentiment of caution and observation.