2026-01-08 03:24:38

The past 24 hours have seen fluctuations in the Bitcoin market. The price has fallen from above $93,000 and is now oscillating around the key level of $91,000, with a daily decline of about 1.23%. How should we interpret this drop? Is it short-term capitulation by traders, or a normal technical correction within a larger upward trend?

**Sellers Are Gaining Momentum**

The data is clear. Bitcoin's Net Taker volume has dropped to -$19 million, the most extreme negative value since December 23. In other words, there is significant selling pressure, indicating heavy short-term selling.

There are also differing opinions among institutions. Grayscale has transferred approximately 1,327 BTC to exchanges, which typically signals an intention to sell. Meanwhile, spot ETFs are also reflecting this unease—on January 6, the entire sector experienced a net outflow of $243 million, with Fidelity’s FBTC alone losing $312 million in a single day. The price has consecutively broken through the $93,000 and $92,000 levels, indicating that the bulls’ defenses are weakening.

**But Don’t Be Too Bearish Yet**

On the other hand, the latest report from Glassnode suggests the market has already been reshuffled by the deleveraging wave at the end of 2025. Currently, ETF capital flows are stabilizing, and the options market is leaning bullish. The fundamentals at the beginning of 2026 are actually more solid.

A senior executive at BlackRock recently publicly stated that Bitcoin is still in the "early stages." While this may sound cliché, from an institutional perspective, the long-term bullish tone remains unchanged. On-chain data also shows no signs of capitulation—companies like Vanadi Coffee are still accumulating on dips, and some have even entered the top 100 holders, indicating that some funds see the decline as an opportunity.

**What’s Next?**

There are two possible scenarios from a technical perspective.

The first is that sellers continue to exert pressure. If the $91,000 support level cannot hold, BTC may test lower, targeting the $88,000–$89,000 range. Only after finding a new support there can the upward trend potentially restart.

The second is a rapid rebound. If the price can quickly recover back above $92,000 and stabilize, this decline can be seen as a normal digestion of the previous gains. Subsequently, the price may repeatedly build a base within the $91,000–$93,000 range, accumulating momentum for the next rally.

We are at this crossroads now. Will the market continue downward or rebound on the spot? The answer will be revealed soon.

BTC0,7%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

13 Likes

Reward
13
7
Repost
Share

Comment

0/400

CryptoMom

· 01-11 01:14

Grayscale is dumping again. Is this really going to crash this time? It's the same old "early stage" excuse; I can't trust BlackRock's words. If it breaks 91,000, we'll head straight to 88,000—no other options. Institutions are cashing out, retail investors are taking the bait—old tricks. Instead of worrying about whether it rebounds or not, better to ask yourself what your cost basis is. The more solid data points to a bearish outlook; there might still be room for further decline. I bet on a rebound because I'm currently all in short positions. People still buying the dip at Vanadi Coffee? I find that hard to believe. If it doesn't hold 91,000, that's a signal; it has nothing to do with technical analysis. Net outflow of 243 million; this situation is really a bit frightening.

View OriginalReply0

ZenZKPlayer

· 01-10 02:10

Grayscale is dumping again, is it really time to run this time? --- Honestly, if 91,000 can't hold, I give up. Time to buy the dip at 88k. --- Institutions are bullish every day, then they turn around and dump coins on the exchanges. I'm also speechless. --- Let's see if there's a rebound or a further dip in the evening session. Talking about long positions now is useless. --- I'm tired of hearing about BlackRock's early-stage theory. Show some real action. --- Vanadi is buying low, huh? Then I won't be timid either. Let's follow along. --- This wave is indeed a bit fierce, but there's no need to panic. After all, 91,000 is a critical resistance level. --- ETF outflows are nothing special; we've seen days like this many times last year. --- What are we hesitating about now? Let's see if it breaks 88 first. --- Is the bullish defense line weakening? I still see people taking on positions.

View OriginalReply0

ser_ngmi

· 01-08 03:54

The recent transfer of Grayscale into exchanges is indeed a bit uncomfortable, but we still need to see if the rebound can hold above 92,000. Wait, Fidelity is outflowing 300 million in one day? That's quite significant. Actually, I've heard that BlackRock's phrase "early stage" many times, but the key still depends on how institutions actually move with real money. If 91,000 breaks, I'll admit defeat and look down to 88,000; there's no need to overthink it. The signals of bottoming out are not yet obvious enough; let's observe for two more days before deciding. Right now, this position is just a game of tug-of-war, seeing who can't hold on first. It still feels like we're in a phase of oscillation and energy accumulation, so don't be too pessimistic.

View OriginalReply0

DataBartender

· 01-08 03:54

Grayscale is shifting the blame again, still trying to bottom fish? This command stick is really impressive. Everyone is shouting bearish, I just want to buy. If 91,000 can't hold, I'll go all-in at 88,000. Institutions say it's early stage, I don't believe you, but I still have to follow. Net outflow of 2.43 billion, indicating someone is cutting losses and giving gifts. Whether this wave is a shakeout or a trend reversal depends on next Monday's performance. The repeated oscillation around 91,000 is a bit annoying. How many times have I heard BlackRock say this? It's always the same tone. Bitcoin's temper really makes people love and hate it at the same time. When the call options are bullish, I feel relieved, indicating that big players are not scared.

View OriginalReply0

MeltdownSurvivalist

· 01-08 03:51

Grayscale is selling again, Fidelity is also running, this rhythm feels a bit familiar... It was the same around this time last year, and then it suddenly surged back. --- Breaking 91,000 is the key; if it breaks, then it depends on 88,000. If it doesn't break, keep grinding. --- BlackRock still says it's in the early stage. This statement is worn out, but institutions really are accumulating at low prices. --- Net Taker -19 million, selling pressure is indeed fierce, but why is there no movement from the buyers? --- This wave of decline is just to create more panic sell-offs, then buy low. The pattern is so obvious, yet people are still falling for it. --- If 92,000 can't hold, it's basically over. Expect the fluctuations between 92K and 93K. --- Institutions are so divided, which shows no one is truly bearish; everyone is waiting for the bottom. --- How are people still being shaken out? It's already 2026...

View OriginalReply0

CryptoPunster

· 01-08 03:29

Gradually transferring coins to exchanges for selling, Fidelity outflows 300 million a day, this situation makes my heart race. Are they really going to push my dream from 93,000 down to 88,000? Smiling and losing money on this one. --- Talking about ETF stability and solid fundamentals, just listen, anyway my principal is already on the way. --- BlackRock says we are in the early stage, so why does the early stage hurt so much? --- Selling pressure on the left, big players absorbing on the right, this show is really interesting, I’ll just sit in the audience and watch the leeks fight among themselves. --- If 91,000 can't hold, then get ready to watch 88,000, anyway we common folks are used to being cut already, who will be the next to be taken?

View OriginalReply0