As of 4:00 PM on January 9th, Bitcoin is fluctuating around $90,800, with intraday swings between $89,200 and $91,400. From a technical perspective, the MACD on the daily chart has already formed a death cross, and the green histogram is expanding, indicating that short-term bearish momentum is strengthening. However, on the 4-hour chart, the RSI has rebounded from the oversold area, suggesting a technical correction is needed, which provides some breathing room for the bulls.

There is considerable pressure on the market. ETF outflows continue, coupled with profit-taking by investors who previously saw large gains, all of which increase selling pressure. Over the past 24 hours, the total liquidation of contracts across the network exceeded $460 million, with over 90% of liquidations being long positions, indicating that bullish investors are being hit hard.

The good news is that buy orders below $90,000 remain quite solid. When Bitcoin briefly touched $89,200 yesterday, it quickly rebounded, showing that the support at that level is indeed strong. Considering the technical patterns, capital flows, and the strength of this support level, it is unlikely that the price will suddenly break below $90,000 on the evening of January 9th.

However, caution is advised ahead of the upcoming non-farm payroll data release, as market sentiment may become more volatile and nervous, leading to faster fluctuations. The performance of Ethereum and Binance Coin in recent days has generally followed Bitcoin's rhythm.