Bitcoin is stabilizing above the EMA on a small scale. Those who just went short can exit now. The pending order strategy is still effective; control your position size. Plan your trades, and trade your plan.

Glassnode: Bitcoin Breakout Failure, Market Awaits Catalysts for Reversal Summary Bitcoin remains in a low participation state, with price movements driven more by a lack of pressure than active trading. On-chain data reflect oversupply and fragile support levels, institutional demand remains cautious, and derivatives participation is low. The market seems to be quietly building a bottom, but a clear catalyst is still needed to stimulate participation and momentum. BlockBeats news, January 23, reports that, according to Glassnode's weekly analysis, Bitcoin is still in a low participation phase, with price trends driven more by the absence of pressure rather than positive trading intent. On-chain data continue to show oversupply and structurally weak support, while spot capital flows have improved but have not yet translated into sustained accumulation. Institutional and corporate demand remains cautious, with treasury company funds stabilizing, and trading activity concentrated in sporadic transactions. Derivatives participation remains sluggish, with shrinking futures trading volume and moderate leverage use, further exacerbating the liquidity-constrained environment, making prices more sensitive to minor position changes. Overall, the market appears to be quietly building a bottom, but this consolidation is not due to excessive participation or enthusiasm, rather because investor confidence has paused, and everyone is waiting for the next clear catalyst to reignite broader market participation and momentum. #特朗普取消对欧关税威胁