Bitcoin liên tục điều chỉnh trong ba ngày để kiểm tra hỗ trợ, các vị thế mua đòn bẩy cao đối mặt với rủi ro thanh lý

【BlockBeats】Bitcoin has made quite a move these past two days. After rebounding from the low to $90,500, it started probing lower again, briefly touching $89,300, nearly failing to hold the support level around $89,200 near the 50-day moving average. This is already the third consecutive day of adjustment, compared to Monday when it just surged close to $95,000.

Analysts from crypto trading firms point out that this decline is mainly driven by two reasons — notably low trading volume, plus many traders taking profits at higher levels. Although risk appetite saw a brief uptick after the market opened in early January, the market simply failed to break through the key resistance at $95,000. Over the past two days, there has been obvious two-way volatility, and ETF funds continue to see net outflows.

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

More concerning is the situation in derivatives. Bitcoin perpetual contract funding rates are holding at a positive level of around 0.09%, indicating that longs continue to add leverage, using borrowed money to buy on dips. When such concentrated long positions cool off, or even with just a mild decline, it could trigger cascading liquidations and bring new selling pressure. Market leverage continues to rise — this risk warrants serious attention.