Bitcoin is stuck at the $90,000 mark.

On January 11, this line of defense was both precarious and stubbornly holding—latest quote at $90,600, fluctuating between $89,300 and $91,800 within 24 hours. The seemingly calm volatility is actually a tug-of-war between bulls and bears: on one side, the pull of a correction pressure, and on the other, subtle policy support.

The data is startling. Since the all-time high of $126,000 set in October last year, Bitcoin has already fallen by over 30%. The recent liquidation wave is even more intense—on January 8 alone, $477 million was liquidated globally, with longs accounting for 90%. Last week, US Bitcoin ETFs also saw outflows of $243 million, indicating a cooling of institutional bottom-fishing enthusiasm.

However, the trend is shifting. Major players like MicroStrategy are quietly increasing their holdings, now accumulating 673,000 BTC. More importantly, policy actions are underway—South Korea has directly included a spot Bitcoin ETF into its 2026 economic growth strategy, and is working on amending regulations to pave the way. Meanwhile, the US "CLARITY Act" is also progressing through review; once passed, it will establish clear regulatory boundaries for crypto assets, which could significantly restore market confidence.

So the current situation is: bears are watching the decline and liquidation data, while bulls are betting on policy dividends. Whether the $90,000 level becomes a rebound springboard or the starting point for further decline may depend on the implementation of policies in the next one or two weeks.