January 29 Bitcoin Market Outlook

Classic market trends often brew late at night, making it difficult to stay alert while feeling exhausted. Overnight, Bitcoin repeatedly faced resistance around 90,500, with support forming at the 88,800 level for the second time, clearly defining the short-term fluctuation range. Yesterday, multiple signals to short above 90,000 have already realized over a thousand points in profit. Currently, Bitcoin is consolidating around 89,300.

From the market perspective, Bitcoin faces dense resistance above in the short term. Without a breakout rally, it’s difficult to open up upward space. Short-term traders can consider light long positions, but the overall trend remains bearish. On the four-hour chart, although Bitcoin shows some recovery, the rebound has stalled at the upper Bollinger Band, with no signs of extension. Morning operations should continue to follow a high-short strategy.

Bitcoin Trading Suggestions: Short around 89,100-89,800, with a target down to 87,600-86,000.