January 20 Market Outlook for Bitcoin

Bitcoin has just completed a round of retesting, and the price was strongly supported at the key level by the bulls, leaving no room for the bears to continue the sell-off. During the late stage of the decline, trading volume continued to shrink, which indicates that the market selling pressure has been exhausted. Currently, it is an excellent opportunity for the bulls to sound the alarm for a counterattack!

From a technical perspective, the 4-hour chart provides a clear signal: the price bounced immediately after touching the lower Bollinger Band, and the Bollinger Bands have shifted from expanding to converging, which is a classic precursor of a trend reversal. Meanwhile, the J line of the KDJ indicator has turned upward from a low position, indicating that the short-term oversold rebound momentum is rapidly building.

Bitcoin trading suggestion: Pullback around 91,500-92,200, aiming for a rise to 93,500-95,000.