Market trends have been quite volatile these past two days. Bitcoin briefly broke $90,000 during intraday trading on January 8th, causing a sudden liquidation of $465 million across the network and over 137,800 traders being wiped out. By the evening of January 10th, BTC stabilized around $90,500, after a brief spike to $91,999.1 following the non-farm payroll data, it quickly retreated. Currently, it faces resistance in the $91,500-$92,000 range, with support holding at the $89,000-$89,500 zone. Ethereum performed relatively steadily, oscillating around $3,080. The key resistance levels are at $3,140-$3,150, while support lies between $3,050 and $3,080.

Signals at the institutional level are worth noting. The US spot Bitcoin ETF has experienced net outflows for three consecutive days, totaling approximately $1.128 billion, clearly indicating that large funds are taking profits at high levels. In contrast, MicroStrategy remains resolute in its accumulation, having recently bought an additional 1,287 BTC at an average price of $90,391. Its total holdings now reach 673,783 BTC, with a book value of about $61.04 billion. Meanwhile, US bank analysts are bullish on Coinbase (ticker: COIN), with a target price of $340, implying about 40% upside from current levels.

On the macro front, December US non-farm payrolls added only 50,000 jobs, and the unemployment rate remained at 4.4%. Based on this data, market expectations for a Fed rate cut in January have significantly decreased, with only about a 5% chance of a cut occurring. There is a 95% probability that the current interest rate level will be maintained. Additionally, the US GENIUS Act, which aims to accelerate the development of a regulatory framework for stablecoins, is progressing rapidly, signaling a marginal improvement in the overall industry’s compliance environment.