Analysis: Bitcoin Multiple Metrics Flash Buy Signals, $90K Level Key Resistance

BlockBeats News, January 20th. According to Cointelegraph, as Bitcoin fluctuated above $90,000, multiple on-chain and sentiment indicators simultaneously issued a "buy" signal, with market attention focused on whether the key support level can hold.

On-chain data-wise, the Hash Ribbons indicator shows that the miner capitulation phase is ending and entering a recovery period. This indicator, based on the 30-day and 60-day moving averages of hashrate, has historically given buy signals after miner capitulation selling pressure is released and before a significant price increase. Capriole Investments stated that the current price range has formed a "long-term buying opportunity." On-Chain Mind also pointed out that this is "one of the strongest Hash Ribbons signals on record," often indicating the end of forced selling.

On the sentiment side, the Fear and Greed Index has also shown positive changes. CryptoQuant data shows that its 30-day moving average has crossed above the 90-day moving average, forming a "golden cross," which usually occurs after a prolonged period of fear and within a price compression range, historically often signaling a subsequent weeks-long uptrend.

In terms of price structure, $90,000 has become a key support level. Currently, BTC is trading in the $90,000 to $92,000 range, which also corresponds to the 4-hour 200 moving average and the important lower boundary of the weekly pattern. Analysis indicates that as long as $90,000 holds, the bulls still hold the initiative, and the price is likely to continue to rise; if the weekly level effectively falls below this level, BTC may retreat to the $80,000–$85,000 range, with further downside support at $74,500 and near the 200-week moving average.

Overall, with improvements in on-chain, sentiment, and technical aspects simultaneously, $90,000 has become the key level determining Bitcoin's short-to-medium-term trend.