#数字资产市场动态 January 20 Morning Market Review

The crypto market has been quite volatile these past two days, with $BTC and $ETH experiencing rollercoaster movements. As of 6 a.m., Bitcoin is quoted at $93,200, down 2.6% for the day. It briefly dropped to $91,833 in the early hours and is now oscillating between $92,000 and $93,500. The $94,000 level remains unbroken, with bulls and bears battling intensely.

Ethereum's decline has been even more aggressive—currently at $3,200, down 3.4% for the day. After touching a low of $3,175, it has been fluctuating between $3,180 and $3,220. The most astonishing part is that over 88% of long positions have been wiped out during this drop, with volatility far surpassing that of BTC. The total market capitalization of cryptocurrencies has fallen to $3.13 trillion, with altcoins suffering even worse, generally plunging 4%-7%. Although funds are still concentrated in mainstream coins, the overall market sentiment remains suppressed.

Behind this sharp decline are three main drivers: hawkish comments from Federal Reserve officials shattered expectations of easing, causing panic among investors; escalating trade tensions between Europe and the US drove risk-averse capital into gold; and over-leveraged long positions accumulated earlier triggered a series of liquidations, creating a vicious cycle of sell-offs.

From a technical perspective, the key level for Bitcoin is around $92,000-$92,200. A break below this would mean watching the critical supports at $91,833 and $90,000. Resistance above is at $94,000-$94,500. Only a steady hold above this range can confirm a potential bottoming signal. For Ethereum, the support zone is at $3,175-$3,180. Losing this level would shift focus to $3,060-$3,080. Resistance is at $3,260-$3,280, and a breakout above this could ease some of the downward pressure.

Trading strategy: For Bitcoin, consider long positions between $91,100 and $92,100, with targets at $93,700-$94,700; for Ethereum, go long between $3,130 and $3,170, aiming for $3,250-$3,290.