The recent market movement of Bitcoin is quite interesting, to be honest. After breaking through 126,000 in October, it has been gradually pulling back, now bouncing between 90,000 and 100,000. The price level of 91,630 is particularly eye-catching—almost every time it stalls there.

As of January 7th, the quote is around 91,000, down 3% today, testing this critical support again. Gotta admit, the sharp rise in early January had some background—global risk aversion was especially strong during those days—but that’s not a long-term logic.

From a technical perspective, the 91,630 level is a classic Fibonacci 0.618 retracement point, where bulls and bears clash most fiercely. The next secondary support is at 87,347 (0.5 level), further down at 83,064 (0.382 level). In other words, these three price points essentially determine the next move.

The Bollinger Bands are also telling a story—although the middle band was briefly broken a few days ago, it was immediately pushed back. Currently, this area has become a switch point between support and resistance. What’s more frustrating is that the upper band’s resistance is so obvious; just touching it in the past two trading days caused a sharp drop. This technical correction has already been quite sufficient.

Looking at the CCI indicator, it has been overbought for the past week, even reaching extreme levels, so a technical correction is almost unavoidable. The bulls’ momentum is clearly waning at this point.

What’s next? If the 91,630 support truly holds, there’s a high probability of a rebound, and we should watch whether the Bollinger middle band can break through afterward. Conversely, if this support breaks, then we’ll look at 87,347 and the middle band in turn, with the worst case possibly dropping to 83,064.

At this point, with the CCI overbought and a confirmed technical correction, holding long positions requires caution, and stop-losses must be set tightly.