Bitcoin Faces Resistance at $90,000, Key Resistance Level at $93,000
BlockBeats News, January 29th, Bitcoin's rebound near $90,000 was rejected before the Federal Reserve interest rate meeting, and the price fell back, returning to the $86,000-$90,000 range. Market analysis believes that the true bullish turning point depends on whether $93,000 can be reclaimed and converted into support.
Technically, the major resistance levels for Bitcoin are currently located in the range of the 50-day moving average (about $90,000) and the 100-day moving average (about $94,000). Analysts point out that once $93,000 is effectively broken through and held, the upside potential is expected to open up, with the target possibly reaching $98,000, signaling the end of the correction phase.
On the funding side, significant outflows from Bitcoin spot ETFs are noticeably cooling down. Glassnode data shows that the 30-day average ETF net flow has gradually returned to neutral, indicating that institutional selling pressure is easing. However, the market still relies more on support from existing spot holders rather than new institutional funds.
Capriole data, on the other hand, shows a significant reduction in corporate Bitcoin buying, with almost only Strategy (formerly MicroStrategy) continuing to accumulate. Last week, Strategy added about $264 million, acquiring 2,932 BTC.
Overall, the key to Bitcoin's short-term breakout above $90,000 still depends on institutional demand picking up and ETF funds turning back into net inflows. Until then, the market may continue to remain in a range-bound state.
