Bitcoin experienced a typical oscillation and correction pattern on January 14th. From a daily chart perspective, it most likely showed a pattern of making a lower low followed by a higher high, with a slight upward movement expected to close within a range of +0.8% to +1.5%. In the short term, the price was confined within the $89,000 to $93,000 range, with $89,000 serving as a key support level and $92,500 acting as resistance above.

There are several technical details worth noting. When the price dipped to a low of $88,915 the previous day, a hammer candlestick pattern formed, which often signals a potential reversal. More importantly, the bulls successfully defended the 100-day moving average, indicating some repair momentum remains. On the 4-hour chart, the MACD just formed a golden cross, suggesting a relatively high probability of a short-term rebound.

On the macro front, the Federal Reserve's tone about pausing interest rate cuts has grown stronger, leading to a correction in the US stock market. These factors have exerted pressure on risk assets like Bitcoin. However, from another perspective, the inflow of funds into Bitcoin spot ETFs remains steady, and large institutional investors continue to buy around the $90,000 mark to support the market.

Looking at capital flows, it’s quite interesting. On January 13th, a large number of long positions were liquidated, releasing significant short-term momentum. By January 14th, a short squeeze rebound could occur; meanwhile, Bitcoin’s dominant position in the market remains stable, with no signs of large-scale capitulation by big players.

Key position summary: support levels are at $89,000 (the lower boundary of the previous consolidation) and $90,000 (psychological level); resistance levels are near $92,500, where the 4-hour Bollinger upper band is located, and a short-term dense trading zone around $93,000. Risk management must be strictly enforced, with individual positions not exceeding 20%. If the price falls below $88,000 and cannot recover, a decisive stop-loss should be executed, as further testing of the $85,000 support may follow.

Risks to watch out for include: a sudden hawkish signal from the Federal Reserve, ETF fund inflows drying up unexpectedly, or major regulatory news—these could cause the price to break through support levels directly. Maintaining real-time awareness of market developments is essential.