Bitcoin has recently experienced a significant pullback, with the price currently stabilizing around the middle trend line of the rise channel near $92,000. This level is a crucial support area that historically represents an important demand zone. Despite this support, sellers have exerted significant pressure, potentially breaking through this key threshold.

If the breach is successful, Bitcoin may undergo a series of long liquidations, which could push the price down to the 100-day moving average of $81K. This MA represents strong dynamic support and could attract a lot of buying interest, mitigating further downside momentum. Conversely, a rebound at the current level could allow Bitcoin to regain bullish momentum, aiming to retest the upper limit of the channel at $108K in the medium term.

4-hour chart
In the shorter time range, Bitcoin has broken through the middle trend line of its several-month rise channel, indicating an increased distribution among participants. This bearish trend coincides with the growing market uncertainty, as investors anticipate potential volatility around the inauguration of President Trump on January 20, 2025.

Currently, Bitcoin is hovering near a key support range defined by the $90,000 threshold and Fibonacci retracement levels, which are 0.5 ($87,000) and 0.618 ($82,000) respectively. This area is a significant barrier for further selling pressure and is expected to trigger a market reversal.