Ah, Bitcoin [BTC], the fickle darling of the digital underworld, has once again decided to play its favorite game: “Will I, Won’t I?” On the 14th of January, it flirted with a local high of $97.9k, only to tumble 5.67% like a drunk aristocrat falling off his throne. By the 19th, it was in full retreat, as if the bears had finally remembered they were supposed to be hibernating.
The $94.5k resistance level, a fortress bulls have been besieging since mid-November, has once again proven impregnable. Yet, in this tale of woe, there are glimmers of hope-or are they just the flickering candles of fools? On the 16th, the ever-watchful crypto analyst Maartunn noted that 41,800 Bitcoins were shuffled onto exchanges in a single day. Profit-taking, they called it, as if the price was a piñata and everyone wanted their candy before it broke.
Maartunn, with the gravity of a soothsayer, declared that as long as BTC trades below the short-term holder’s cost basis of $99,470, this rally is but a bear in sheep’s clothing. A bullish trend? Ha! We’re still in the den of the beast.
The Resilience of the Beast
In a report that smelled faintly of wishful thinking, AMBCrypto claimed the options market was brimming with optimism. The Put/Call Ratio, at 0.71, supposedly reflected bullish positioning. Yet, amidst the macro FUD, the Bitcoin whales who bought in December at $90k-$92k stood firm, their hands unshakable. Institutional demand remained robust, and ETF flows were as steady as a drunkard’s stride, though Monday broke a four-day winning streak.
Derivatives data, too, painted a rosy picture. The Buy/Sell Index, which had been sulking in negative territory on the 12th of January, had by week’s end found its cheer, sustaining a positive zone. Crypto analyst Axel Adler Jr., with the confidence of a man who’s never lost a bet, proclaimed the average weekly derivative flow was bullish. Buyers, he said, were flooding in, as if the market were a sinking ship and everyone wanted a lifeboat.
Did the Sell-Off Spoil the Party?
The 4-hour chart, that fickle mistress of traders, showed a bullish swing structure. Yet, BTC faced a retracement so deep it could rival the Mariana Trench. The 78.6% level at $91,154 was about to be tested, as if the market were a student cramming for an exam they knew they’d fail.
The MFI, that harbinger of doom, screamed selling pressure and downward momentum. But fear not, for there is hope-if the $91.1k area holds, a bullish recovery might yet save the day. Or not. Who knows with this circus?
Final Musings
- The short-term holders, those fickle creatures, showed weak conviction as Bitcoin flirted with $100k last week. Profit-taking? More like panic-taking.
- The derivative flow, turning bullish, and the H4 chart suggest a recovery is possible. But in the world of crypto, hope is a dangerous currency.
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2026-01-20 16:07