Analysis: Multiple indicators for Bitcoin are releasing buy signals; $90,000 becomes a key support/resistance level for both bulls and bears.

According to ME News, on January 20th (UTC+8), as Bitcoin fluctuated above $90,000, multiple on-chain and sentiment indicators simultaneously issued "buy" signals, with market focus on whether this key support level could hold. On-chain data shows that the Hash Ribbons indicator indicates the miners' capitulation phase is ending and entering a recovery period. This indicator, based on the changes in the 30-day and 60-day moving averages of hashrate, has historically given buy signals after miners released selling pressure and before a significant price increase. Capriole Investments stated that the current price range constitutes a "long-term buying opportunity." On-Chain Mind also pointed out that this is "one of the strongest Hash Ribbons signals on record," often indicating that forced selling is nearing its end. On the sentiment front, the Fear & Greed Index also showed positive changes. CryptoQuant data shows that its 30-day moving average crossed above the 90-day moving average, forming a "golden cross," which usually appears after a prolonged period of panic and within a price compression range, historically often foreshadowing several weeks of upward movement. In terms of price structure, $90,000 has become a key support level. Currently, BTC is trading in the $90,000 to $92,000 range, which coincides with the 200-period moving average on the 4-hour chart and the lower edge of the weekly chart pattern. Analysts point out that as long as $90,000 holds, the bulls remain in control, and the price is expected to continue rising. However, if the weekly chart breaks below this level, BTC may fall back to the $80,000–$85,000 range, with further support levels to watch around $74,500 and the 200-week moving average. Overall, the simultaneous improvement in on-chain conditions, sentiment, and technical indicators makes $90,000 a key level determining Bitcoin's short- to medium-term trend. (Source: ME)