January 23rd BTC Trend

- Intraday oscillated downward, with a high of approximately $90,340 and a low of about $88,450, closing near $89,500. The intraday slight decline of about 0.3% indicates a weak sideways movement below $90,000, with insufficient bullish momentum.

Core Reasons

1. Macro and Regulation: The Federal Reserve's expectation to maintain high interest rates suppresses risk assets; progress on US crypto regulation bills is hindered, cooling market compliance expectations; global trade policy fluctuations trigger safe-haven flows, leading to capital withdrawal from high-risk assets.
2. Market Behavior: Profit-taking after previous gains, triggering stop-losses and algorithmic trading, which intensifies selling; leveraged positions are being liquidated, increasing selling pressure; whale wallet movements raise concerns of sell-offs, resulting in market confidence issues.
3. Technical Analysis: Failing to hold above the key support level of $90,000, breaking below the short-term upward pattern; MACD bearish signals and RSI below 50 indicate a bearish technical outlook.