As of 11:00 on January 11th, Bitcoin's price is fixed at $90,545.8. The 24-hour price change is minimal, but the recent trend this week is quite interesting—oscillating within a broad range of $90,000 to $93,300, and even reaching a high of $93,300 at the beginning of the new year.

Behind this upward movement, the main driving forces are quite clear. On one hand, the US spot Bitcoin ETF continues to see inflows of approximately $471 million, with institutional holdings remaining stable, indicating that large funds are still bullish. On the macro front, the market is repeatedly betting that the Federal Reserve will cut interest rates this year and that liquidity will loosen, which has boosted overall risk appetite. Additionally, the tax season sell-off at the beginning of January has basically passed, and retail investors are starting to re-enter the market.

On-chain signals are also quite interesting—over the past 7 days, exchanges have net outflows of 3,779 Bitcoins, indicating that the distribution of holdings is becoming more concentrated, and the selling pressure from short-sellers has noticeably eased.

For short-term trading, focus on these key levels. Support levels are at $89,917 (a critical daily level) and $88,813. Resistance levels are at $91,205 and $91,492 (4-hour moving averages). If the price breaks above $91,205, consider adding a small long position to try for a breakout; conversely, if it falls below $89,917, reduce your position to protect against downside risk. Regardless of the strategy, keep your position size within 3%-5%, and set stop-losses accordingly—don't be greedy.