Bitcoin Technical Snapshot Jan 23: Lingering Below $90K as Technicals Turn Cautionary

Bitcoin traded around $89,000 on Jan. 23, showing small dips and upside spikes within roughly a $3,000 range while lingering under the $90,000 mark ^[1]. CryptoPotato reported BTC near $89,000 with a 7% seven‑day decline and trading volume around $39 billion, highlighting recent downward pressure ^[3]. TheCryptoBasic noted BTC testing Bollinger Band resistance at $89,704, a level traders are watching for a decisive close above to resume bullish momentum ^[4].

Several technical indicators point toward increased bearish risk: a possible bear pennant was identified on the 4‑hour chart and a 2‑day 'death cross' (50‑period MA crossing below the 200‑period MA) was reported, patterns many traders view as negative for near‑term direction ^[1][3]. Cointelegraph described Bitcoin’s profit cycle as negative and characterized the market as entering an 'early‑stage bear market,' citing $84,000 as a crucial level for BTC ^[2].

Models and community analysis offered mixed inputs: Finbold highlighted an AI forecast that suggested a possible reversal by Feb. 1 while also noting institutional selling and weakening technicals this week ^[5]. Reddit contributors pointed to demand zones around $74,000–$75,000 and a further support area near $72,000 if broader selling continues ^[6].

Reporting on Jan. 23 shows BTC stalling below $90,000 with several technical indicators signaling downside risk; key levels to monitor are resistance near $89,704 and support at $84,000 and the $74,000–$72,000 zone ^[4][2][6].