Bitcoin has been quite volatile in recent days. It briefly fell below the $92,000 threshold, with over $865 million in liquidations across the entire network in 24 hours, indicating a clear market sentiment fluctuation.

What exactly happened? Several institutional analysts pointed out that this decline was mainly caused by external factors—renewed US-EU trade tensions, coupled with market uncertainty about a new round of tariff policies—all putting psychological pressure on investors.

What is the deeper logic behind this? Changes in macro risk sentiment have become the dominant factor. Against the backdrop of tightening global economic conditions, markets for stocks, commodities, and digital assets have all experienced synchronized pullbacks, with investor attitudes turning generally cautious. Additionally, after a significant rise in Bitcoin's price earlier, many investors chose to take profits at this point, further intensifying the pullback pressure.

Looking ahead, in the second half of January, Bitcoin is likely to fluctuate within a range. Short-term support levels may be around $85,000. Without any particularly major positive or negative news, there probably won't be any extremely volatile directional moves.