As of 09:00 on January 20th, BTC is priced at $92,658. The current market shows a neutral to cautious pattern.

From a technical perspective, the 4-hour RSI is approaching oversold levels (37.25), which typically indicates a rebound opportunity; however, the MACD remains in the bearish zone, suggesting that downward pressure has not been fully released. On-chain data tells a different story — over the past week, exchange reserves have decreased significantly by 23,600 BTC, while whale addresses have net increased by 34,700 BTC, indicating a clear intention of institutional bottom-fishing.

Changes in the derivatives market are even more noteworthy. Long funding rates are positive, meaning the cost of holding long positions is rising. In the past 24 hours, longs have been liquidated for $10.29 million, while shorts were only liquidated for $4.66 million, reflecting that over-leveraged longs are being cleared out, which in turn creates room for a subsequent rebound.

Regarding support levels, the first support is at 92,500-92,000 (1-hour Bollinger lower band at 92,541, 4-hour Bollinger lower band at 92,095), and the second support is at 89,000 — the liquidation heatmap shows that this area has accumulated long exposure of $1.22 billion, forming a strong support.

Resistance levels are also crucial. The first resistance is between 93,400-94,000 (1-hour Bollinger upper band at 93,419, maximum pain point at 94,000), and the second resistance is at 96,500 (liquidation heatmap indicates a concentration of $1.20 billion in short exposure).

On the 1-hour chart, the RSI is at 40.68, indicating a neutral to slightly bearish stance. The MACD histogram shows an early bullish divergence signal with +37.98, and the price is hovering around the middle Bollinger band at 92,980 — there is a high probability of short-term testing between the EMA12 and EMA26.