بيتكوين يختبر الدعم لثلاثة أيام متتالية، والمراكز الطويلة ذات الرافعة المالية العالية تواجه مخاطر التصفية

【Block Rhythm】Bitcoin has made quite a stir these past two days. After rebounding from lows to 90,500 USD, it has started probing downward again, briefly touching 89,300 USD, nearly failing to hold the support level around 89,200 USD near the 50-day moving average. This is already the third consecutive day of adjustment, compared to just reaching close to 95,000 USD on Monday.

Analysts at crypto trading firms point out that this decline is mainly due to two reasons—notably low trading volume, plus many traders cashing in profits at higher levels. Although risk appetite saw a brief recovery after the New Year opening, the market simply failed to break through the key resistance at 95,000 USD. Over the past two days, there has been obvious two-way volatility, and ETF funds have continued to experience net outflows.

The Federal Reserve’s rate cut expectations are also dampening 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—clearly showing weakening expectations.

More concerning is the situation on the derivatives end. Bitcoin perpetual futures funding rates are maintaining at around 0.09% positive levels, indicating that long positions continue to add leverage, buying dips with borrowed money. When this concentrated long position encounters a chill, even just a mild pullback could trigger cascading liquidations, bringing new selling pressure. Market leverage is continuously rising—this risk deserves serious attention.