January 7 Market Outlook for Bitcoin

Recently, Bitcoin surged to 94,400 before quickly pulling back, dropping to around 91,200 to stabilize and rebound. Currently, it is trading near 92,500. From the 1-hour chart perspective, the 94,500-94,800 range forms a strong resistance zone, with multiple rebounds being met with resistance and a lack of momentum to break through.

Technical indicators show weakening momentum, with the MA7 and MA30 moving averages forming a death cross and diverging downward. During the rebound, trading volume continues to decline, indicating a clear divergence between price and volume. Coupled with Bitcoin being at a relatively high level, market profit-taking sentiment is rising, and short-term downward pressure is significantly increasing.

Bitcoin Trading Suggestions: Expect a rebound near 93,000-93,700, with a potential decline towards 91,500-90,000.