BTCT is currently maintaining a steady upward trend with volatility. On-chain chips are dispersed, and buying activity has formed solid support at $87,000, with the upper bound at $92,000–$104,000 worth watching. Active trading in Asia and aggressive call option positioning have pushed volatility to remain elevated, increasing short-term risk appetite. Recommendation: Maintain long positions above $87,000 support, but beware of heavy volume breakdowns; for mid-term, consider layout near the support zone, awaiting further upside driven by favorable macro conditions.

Recently, market sentiment has gradually warmed after previous declines, improving the willingness to enter. Data indicates that investors are closely watching for a new trend inflection point, with cautious optimism dominating the short-term tone. Although a bullish pattern is forming, sufficient momentum for continuation has yet to accumulate. It remains crucial to monitor volume confirmation and changes in market depth to prevent excessive optimism from triggering a sudden pullback before the trend is firmly established.

CryptoQuant analyst Darkfrost noted on January 4 that the cryptocurrency market is beginning to improve, urging caution against dismissing this trend prematurely. While more data is needed for definitive conclusions, some trend changes are starting to emerge, making this a critical time to pay close attention.

Analysis: The crypto market is beginning to improve, with some trend changes gradually becoming apparent.

Bitcoin chip concentration has fallen from high levels even as the price steadily climbs, indicating that major holders’ willingness to sell has weakened and new buyers are effectively absorbing at key support levels. Observing critical cost bands, the area near $87,000 shows significant buy-side support, with the support zone extending upward to $92,000–$104,000, providing a reliable floor for the next stage of rebound. As long as this level is not decisively broken, the market is more likely to continue its healthy rally rather than evolve into a false breakout.

On January 4, analyst Murphy noted that BTC's chip concentration within 5% of the January 1 price dropped from 14.9% to 14.5% by January 3, while BTC's price slowly rose. Historical data suggests that a decline in concentration amid rising prices indicates continued price increase. Significant BTC accumulation at $87,000 supports a range of $92,000-$104,000. Technical signals suggest a rebound is more likely than a false breakout unless BTC falls below $87,000.

Analysis: BTC chip concentration decreases, chip structure support is effective, rebound probability is higher than a false breakout followed by further decline.

Trading activity in Asian markets has significantly increased, driving Bitcoin past key round-number thresholds and spurring bullish characteristics in the options market. The rising number of call positions and straddle strategies reflects intensified short covering as well as greater investor bets on directional volatility. Implied volatility is expected to remain relatively high in the short term, and if favorable macro news continues to emerge, market sentiment could further amplify.

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