Oh, Bitcoin, you fickle beast! Just when you thought it was safe to go back in the market, you pull a Mel Brooks and shout, “It’s good to be the king!” one day, and “Help! I’m sinking!” the next. So, here we are, folks, watching this crypto rollercoaster teetering on the edge of a $90K cliff like a banana peel in a slapstick comedy.
After a January rebound that had everyone shouting “Huzzah!” like a medieval crowd, Bitcoin decided to take a little nap at the $98K resistance party. Turns out, it was more of a snooze-fest than a rave, and now it’s stumbling downward, clutching its higher-low zones like a drunk uncle at a wedding.
Bitcoin’s Daily Drama: Will It Bounce or Splat?
On the daily chart, Bitcoin’s been rejected faster than a bad pickup line at a singles mixer. The $98K resistance band? More like a rubber band snapping it back to reality. And don’t even get me started on the 100-day moving average-it’s like the bouncer at the club, keeping Bitcoin from getting too close to the $105K VIP section. Meanwhile, the 200-day moving average is just sitting there, smirking like a villain in a Brooks film, all downward-sloping and judgmental.
First stop on this wild ride? The $90K support zone. If Bitcoin loses that, it’s headed straight for the $80K bargain bin. But hey, as long as it stays above $88K, it’s still got a shot at a happy ending-or at least a decent punchline.
4-Hour Chart: The Intraday Circus
Over on the 4-hour chart, Bitcoin’s testing the lower boundary of its ascending channel like a tightrope walker with shaky knees. It’s dropped from $96K to the $90K-$91K safety net, where it’s now doing a little jitterbug. The 4-hour RSI? It’s in oversold territory, waving a white flag after a red candle parade.
If $89K-$90K holds, we might get a rebound to $93K-$95K-just enough for Bitcoin to catch its breath before the next act. But if it breaks below $89K, it’s curtains, folks! Straight to the $80K demand zone, where the real drama awaits.
On-Chain Shenanigans: Who’s Holding the Bag?
Short-term holders? They’re selling like it’s Black Friday at a fire sale. The 30-day EMA of the SOPR has been below 1 for longer than a Brooks marathon, meaning these folks are taking losses like it’s their job. Late entrants? They’re bailing faster than passengers on the Titanic. But hey, that’s just the market “resetting” itself-like a bad sitcom reboot.
Historically, this kind of capitulation is like the calm before the storm-or the setup for a punchline. Once the selling pressure dries up, Bitcoin could spring back like a jack-in-the-box. Unless, of course, the macro gods decide to rain on the parade. But hey, in the world of crypto, anything can happen-and probably will, with a side of farce.
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2026-01-20 17:30