At the end of January $BTC it was under significant pressure, as sellers maintained control over the market. After a failed attempt to reach a recent peak at $97,900, the price sharply went down.
The behavior of Bitcoin continues to reflect a bearish structure of the market. The flagship cryptocurrency remains below the 20-, 50-, 100-, and 200-day moving averages. Consequently, every attempt at recovery is thwarted by selling pressure. The market has rejected numerous attempts to bounce below the Fibonacci correction level of 0.382. This failure highlighted the presence of strong excess supply in the upper part of the range $89,000. Moreover, volatility increased as it moved down, indicating redistribution, not stable accumulation. In the short term, support will play a key role. The zone from $87,400 to $87,600 continues to attract buyers. There was a short-term reaction observed there, although optimism remains limited. However, analysts note that a break below this range could lead to a drop to $86,000 or even to $84,400. On the other hand, resistance remains multi-level and strong. The first barrier is found in the range from $88,300 to $89,200. This area covers the previous consolidation and short-term moving averages. Additionally, during previous bounces, sellers held the Fibonacci range from 0.5 to 0.618 around the mark of $91,000. This region continues to attract buyers. For a more significant structural shift, it is necessary to rise above the mark of $92,800. Without this movement, bearish control will likely persist.