January 21 Daytime Market Review: Bitcoin, after exploring lows around 89,900 to 87,800, quickly rebounded and then stabilized around 89,600, entering a consolidation phase.

From the hourly K-line Bollinger Bands perspective, the current price is moving within a clearly parallel downward divergence channel. The upper, middle, and lower bands are all moving downward in sync, clearly reflecting a short-term bearish trend. Although there was a break near the lower band during the early trading session, it did not develop into a one-sided decline, but instead quickly pulled back to the middle band of the channel—this rebound is more of a technical correction rather than a trend reversal: First, in a weak market, a pullback after breaking the lower band is common and insufficient to change the core downward direction of the channel; second, trading volume during the rebound phase has significantly decreased, with bullish momentum appearing weak, mainly due to short-term exits of previous bottom-fishing funds, lacking the strength for a trend reversal.

Technical suggestions: Consider short positions in Bitcoin within the 89,900-90,600 range, with support levels at 88,000-87,000 below; for Ethereum, short positions in the 3,020-3,060 range, targeting 2,930-2,880; also closely monitor the correlated performance of main cryptocurrencies like SOL, XRP, BNB, as these tend to follow market rhythm.