Recently, Bitcoin's price movement has been quite turbulent. On January 9th, this wave saw Bitcoin rebound from a low of $89,300 back to around $90,500, narrowly avoiding a dip below the 50-day moving average support (approximately $89,200). This marks the third consecutive day of correction, and just two days ago on Monday, it was still bouncing around near $95,000.

Why did it fall like this? Wintermute's OTC trading head Jake Ostrovskis explained the reason—insufficient trading volume coupled with many traders taking profits early. He straightforwardly said that at the start of the year, risk appetite did indeed pick up, but the market just couldn't break through the $95,000 barrier. As a result, the past two days have been a tug-of-war, and ETF outflows continue.

Another pressure comes from the Federal Reserve. Expectations for rate cuts are continuously diminishing. CME FedWatch data is clear—probability of a rate cut at the January 28th Fed meeting is now only 11.6%, down from 15.5% a week ago, and 23.5% a month ago. This shift in expectations is obviously not positive for risk assets like Bitcoin.

Interestingly, leverage in derivatives continues to rise. The funding rate for Bitcoin perpetual contracts remains stable at around 0.09% positive, indicating that longs are still paying shorts continuously to maintain their positions. Even during this correction phase, the funding rate staying positive shows that traders are actively using leverage to buy the dip, and this persistent bullish enthusiasm is somewhat noteworthy.