Биткойн подряд три дня тестирует поддержку, высокоразгонные быки сталкиваются с риском ликвидации

【Blockbeats】Bitcoin has made quite a stir these past two days. After rebounding from the low point to 90,500 USD, it has started to decline again, briefly touching 89,300 USD, nearly failing to hold the support level near the 50-day moving average at 89,200 USD. This marks the third consecutive day of adjustment, compared to Monday when it just surged close to 95,000 USD.

Analysts at crypto trading firms point out that this decline is mainly driven by two reasons——notably low trading volumes, plus many traders taking profits at high levels. Although risk appetite saw a brief uptick after the market opened at year’s beginning, the market simply failed to break through the key resistance of 95,000 USD. Over the past two days, there has been obvious two-way volatility, and ETF fund outflows have continued.

The Fed’s rate cut expectations are also dampening the market. According to CME data, the probability of a rate cut at the January 28 Federal Reserve meeting stands at only 11.6%, down from 15.5% a week ago and 23.5% a month ago, showing a clear weakening of expectations.

What deserves more vigilance is the situation on the derivatives side. Bitcoin perpetual contract funding rates remain at a positive level of about 0.09%, indicating that longs continue to add leverage and use borrowed money to buy on dips. When this concentrated long position cools, or even faces modest declines, it could trigger cascading liquidations, bringing fresh selling pressure. Market leverage is continuously rising——this risk warrants serious attention.