🚨 The cryptocurrency market remains volatile at high levels, with key support levels facing tests | 2026.01.09 🚨

After failing to break $95k, Bitcoin has been declining for three consecutive days and is currently testing the critical support around $89,200 (50-day moving average). Despite price pressure, perpetual contract funding rates remain positive, indicating that many traders are using leverage to "buy the dip," but this also accumulates the risk of long liquidations.

A recent report from JPMorgan indicates that the market's previous "de-risking" process may be nearing its end, as outflows from Bitcoin and Ethereum ETFs show signs of stabilization. Meanwhile, Wall Street and traditional crypto industry players are holding closed-door meetings to discuss legislative differences, but regulatory progress on DeFi and yield-bearing stablecoins remains limited.

On the Ethereum front, the price hovers around $3,100, well below its all-time high. Analysts are revisiting its narrative as "digital silver," believing its role in RWA (real-world assets) and staking infrastructure is structurally underestimated, with long-term prospects attracting attention. However, Coinbase's premium gap turning negative suggests that short-term demand from US institutional investors is weakening.

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