The recent fluctuations in the crypto market are quite intense. Just glancing at the charts can easily make one feel frustrated. Bitcoin has been oscillating between 91,000 and 92,000, repeatedly testing the 92,000 level and being pushed back each time, like a mischievous kid challenging the adult's bottom line. Ethereum's performance is slightly better; it is quietly gathering strength and testing the resistance at 3,160. But the real variable that could change the game is coming—at 21:30 tonight, the US CPI data will be released. Such macroeconomic data has always been a "disruptor" in the market, and if it exceeds expectations, it could directly break the current pattern.

Let's first look at a set of key data as of 15:00 on January 12, to get a sense of the current market temperature:

**Market Overview**: Total market capitalization remains steady at $3.05 trillion, with a 24-hour increase of 0.92%. Trading volume stays around $85 billion, indicating that although the gains are moderate, funds are still flowing in, and there is no panic-driven large-scale exit.

**Bitcoin**: The current price is $91,906, up 1.47% in 24 hours, with a market cap of $1.82 trillion. Notably, the dominance rate has risen to 59.34%—this "big brother" position has been reinforced through this rally. In the entire crypto market, Bitcoin's control is becoming increasingly dominant.

**Ethereum Trends**: Price at $3,156, up 2.16% over 24 hours, with a market cap of $378 billion. The staking rate remains stable at 18.2%. The active engagement in the L2 ecosystem over the years is providing strong support for Ethereum, indirectly reflecting progress in its practical application layer.

It’s worth noting that although the Fear & Greed Index has risen to 62, clearly entering the greed zone, this "greed" is put in quotes for a reason. The simple explanation is that weekend market liquidity is inherently low, making large transactions more difficult. This causes price volatility to be tightly suppressed, making the market appear unusually calm. Behind this "pseudo-greed" lies an uneven distribution of market participation.

From a technical perspective, whether Bitcoin can truly break through the critical 92,000 level depends largely on macro conditions. If the CPI data meets or falls below expectations, risk sentiment may further improve; conversely, it could trigger a short-term correction. For those with a medium- to long-term outlook, such pullbacks might be good accumulation opportunities. However, short-term traders should pay close attention to market changes before and after this key event, managing their positions carefully.

The prosperity of the L2 ecosystem, stable gains of mainstream coins, and continuous on-chain capital inflows are all signals that the market still has potential. But the "false prosperity" caused by low liquidity cannot be ignored. In the upcoming period, patiently waiting for macro data to provide clear signals may be wiser than blindly chasing highs.