Bitcoin hovered around the $92,000 level on the evening of January 13, with market participants holding their breath, awaiting the crucial US December CPI data release tomorrow morning. This data will directly reshape market expectations for the Federal Reserve's rate cut pace and will determine the market's next direction.

From the current market pulse, Bitcoin is experiencing a "cautious calm." The price is oscillating narrowly around $92,000, and traders' enthusiasm has noticeably cooled. However, beneath this seemingly calm surface, both bulls and bears are accumulating strength.

The optimistic side has ample reasons to remain hopeful. Well-known institution Strategy recently made a hefty purchase of approximately $1.25 billion worth of Bitcoin, revealing long-term investors' firm confidence in the market. On the technical front, Bitcoin's price has formed a standard ascending triangle pattern above $90,200, with key support still holding firm. Additionally, the US Congress is pushing forward with the development of a critical cryptocurrency regulatory framework, which is a significant positive for the industry's long-term growth. From a capital perspective, after experiencing several days of net outflows, Bitcoin spot ETF funds have recently shown a slight positive net inflow.

However, bears also have substantial concerns. The biggest uncertainty comes from tomorrow morning's CPI data—if inflation exceeds expectations, the market could experience intense volatility, even testing the $90,000 support level. Open interest in crypto futures has fallen to a 10-day low, indicating traders are actively unwinding leveraged positions, and upward momentum appears fragile. More alarmingly, the number of "whale" addresses holding large amounts of Bitcoin remains low, suggesting smart money has yet to enter the market on a large scale. Geopolitical tensions are also suppressing global risk asset investment enthusiasm.

The key points to watch are clear: resistance is concentrated in the $92,200–$92,500 range, while strong support lies around $90,200–$90,000. Holding the support means the upward structure remains intact. But the ultimate decision rests with tomorrow's CPI data, which will be the market's sole focus in choosing its direction. For traders holding positions, closely monitoring the strength of the $90,200 support is essential; for those on the sidelines, the most prudent approach is to wait until the data is released before taking action.