1.7 Evening Market Analysis

Bitcoin's 1-hour chart has experienced a sharp decline from the 94415.4 high point, touching a low of 91549.9, representing a drop of 1.83% from the high. Net outflow of capital reached $350 million. From a technical perspective, MA7 and MA30have formed a bearish arrangement, with price continuing to trade below the moving averages. Although KDJ indicators show signs of a bottom reversal, K and D values remain in a weak zone below 30. Volume expanded significantly during the decline but shrank notably during rebounds, indicating that selling pressure far exceeds buying support. Combined with the upcoming release of the U.S. December ADP employment data and ISM non-manufacturing PMI this evening, market risk-off sentiment is rising. It is expected that Bitcoin will find it difficult to reverse its downtrend in the short term. Key support to watch below is the previous low at 91209.0. If this level is broken, further downside could extend to the 90000 round number.

Trading Suggestion: Short at 92500-93000, target 90800-91000.