As of the evening of January 12, Bitcoin is quoted at approximately $90,228, with a 24-hour volatility range between $90,129 and $92,520. In the short term, the price is in a testing window, while the medium-term trend depends on the breakout performance at key levels. Macro policies and regulatory developments will also serve as driving forces.

**Key Support and Resistance Levels**

Looking downward, $90,000 is an important recent support level. If broken, the next target points to $84,000. On the upside, the challenge lies at the psychological thresholds of $95,000 and $100,000. Only with sufficient trading volume to stabilize these levels can a new upward trend potentially begin.

**Market Catalysts and Risks**

On the positive side, continuous net inflows into ETFs, rising market expectations for rate cuts, and narratives around the halving cycle all provide upward momentum for Bitcoin. However, tightening regulatory environments and the risk of liquidity contraction should not be overlooked. If these two factors materialize, they could exert pressure on the entire crypto market. Stay alert in the short term and seek opportunities for deployment in the medium term.