Yesterday (January 11th) at 10:00, BTC was hovering around $90,500. After the release of the non-farm payroll data, it briefly surged to 91,991, but then pulled back. Looking at the daily chart, a long upper shadow is drawn, indicating selling pressure above. Although the bulls attempted to break through, their momentum was clearly insufficient. The good news is that there is support below, so the pullback still has some footing.

On the technical side, the 4-hour chart shows sideways movement. The MACD bearish signals are weakening but have not yet turned bullish. The trading volume hasn't increased significantly, and both bulls and bears are testing each other at this level. From a macro perspective, the non-farm payroll data was mixed, and the market has started to lower expectations for a rate cut in March. This puts short-term pressure on risk assets, and the inflow of ETF funds has also slowed down.

The trading advice is: operate within a range in the short term, sell some when prices go higher, and buy more when prices go lower. If the 90,000 level is broken, consider reducing positions. In the long term, the Federal Reserve's policy trend and institutional fund movements are the most critical. The 90,000 level is the dividing line between bulls and bears. As long as it holds, the market remains in a sideways to slightly bullish trend.