January 10 BTC Market Analysis, the market has reached a critical level around 904.

If it can hold steady here, it could continue to rebound upward.
If it continues downward, it might drop to 80,000 or even lower.

So, can it hold steady here? The subsequent analysis is highly subjective and can be ignored.
This rally up to 947 seems very much like a fake move for two reasons: First, the main force behind BTC did not accumulate at the bottom but only during the rise, which is rare—usually, there is accumulation at the bottom with a gradual rise, not a situation where the price rises while accumulating. Second, the rally was rapid and sharp, with five consecutive daily bullish candles, and the important support level at 904 was not revisited or consolidated, which is unusual. Looking at the rallies in April-May 2023, they all involved small pullbacks during the rise; slow and steady increases are genuine, while quick surges often lead to liquidation at higher levels.