BTC faces a key support level test, with market sentiment turning towards the zone of fear, potentially welcoming greater Fluctuation in the short term.

On January 9, trader Eugene Ng Ah Sio pointed out on the X platform that Mainstream Tokens such as BTC, ETH, SOL are retesting the lows of December 5, 2024, which may be a turning point for market participants to start panicking. BTC’s current key support is near $85,000, and if that support fails, it could trigger a larger wave of dumping. At the same time, the latest data released by Sentiment shows that in the past 30 days, the average return of active wallets of major cryptocurrencies such as BTC, ETH, ADA, DOGE has been in negative territory across the board, which means that most participants in the market are operating in a state of loss. This “bloody” market sentiment is often seen as a potential opportunity for long-term investors, but the current panic is likely to further exacerbate Fluctuation. Eugene also mentioned that many investors’ psychological expectations for the “January Bull Market” have gradually weakened, and most people have begun to realize that the undumped assets in their hands may have gone through a complete cycle of ups and downs, and the account profit taking or even falling into losses. Sentiment’s analysis suggests that investors should not rely solely on these signals to expect an immediate market reversal.