Bitcoin battles again at $90,000: Can $93,000 ignite a new round of market rally?

January 29 News, Bitcoin price rebounded to nearly $90,000 ahead of Wednesday’s FOMC meeting, but selling pressure above remains evident, preventing a successful breakthrough. Currently, BTC hovers between $86,000 and $90,000, with market focus on whether the $90,000 to $93,000 range can turn into effective support.

On-chain and technical data indicate that Bitcoin’s short-term structure is converging. Crypto India co-founder Aditya Singh pointed out that the 100-week moving average around $87,500 is an important support level; if it is lost, a test of the $86,000 region may occur again. Meanwhile, the 50-day moving average near $90,000 forms the first resistance, while the 100-day moving average around $94,000 is a key level for bulls to break through.

Analyst Jelle believes that the recent downtrend has been broken, with signs of a low point on the weekly chart rising. If the price re-establishes above $93,000, it will send a stronger bullish signal. AlphaBTC also mentioned that there is a significant liquidity concentration around $93,400, which may lead to short-term consolidation. However, once volume breaks out, the target could move toward the $98,000 region.

Institutional fund flows are also closely watched. Glassnode data shows that the 30-day moving average of spot Bitcoin ETF capital flows in the US is gradually approaching neutrality, indicating that previous selling pressure is weakening. Nevertheless, the market still mainly relies on the confidence of spot holders rather than new institutional buying. If subsequent funds turn into net inflows, it will significantly boost upward momentum.

In terms of corporate holdings, Strategy led by Michael Saylor continues to increase its positions. The company bought an additional 2,932 BTC last week, bringing total holdings to 712,647 BTC, demonstrating that large institutions remain optimistic about long-term value.

Against the backdrop of a complex macro environment and fluctuating policy expectations, Bitcoin is at a critical turning point. If the $93,000 level is successfully broken and stabilized, the market may enter a new upward phase; otherwise, the price could continue to oscillate within the high range.