#主流金融机构布局加密 The new year's rebound signals are indeed worth tracking. After successfully establishing support around $88,000, BTC quickly recovered to above $92,000 within a week. The on-chain logic behind this is quite clear — in a low liquidity environment, institutional spot ETF funds are quietly flowing back, and sentiment has shifted from extreme panic to cautious optimism.

From a technical perspective, the RSI approaching oversold conditions already hints at a potential rebound, coupled with the 100-hour moving average maintaining a bullish structure. The next key resistance level to watch is $95,000. Interestingly, the macro environment has changed — inflation slowing down combined with the resilience of the US economy has reactivated demand for risk assets.

The key change lies in the market structure itself. Although the 2025 halving cycle has not yet erupted as expected, participants have shifted from retail dominance to institutional core involvement, meaning subsequent volatility will be more rational and liquidity more stable. I am continuously monitoring the expansion of stablecoins linked to US Treasuries, which is an important channel for international funds to flow back in.

In the short term, holding the $91,500 support level is crucial. A breakdown would test lower supports; on the other hand, a clear path to the $120,000-$150,000 range in Q1 will become more apparent. This week, attention should also be paid to US employment data, as volatility may increase accordingly.