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Bitcoin price corrects again, but traders prepare for a breakout
Bitcoin’s price fell below $90,000, with the intraday trading range fluctuating between $87,304 and $90,295, indicating a tense standoff between buyers and sellers. The market is on the verge of determining its direction.
On the daily chart, sentiment has shifted from optimism to caution. Bitcoin impressively climbed to $97,939 but then dropped below $88,000. This correction occurred on high trading volume, signaling panic or possibly capitulation among leveraged holders.
Support is hovering around the $87,000–88,000 area, where a rebound was previously observed. Resistance is now located at $93,000–94,000, while the $97,939 mark remains the threshold for any future ambitions.
Daily BTC/USD chart on Bitstamp, January 22, 2026.
The four-hour chart tells the story of a tired market taking a breather. When Bitcoin fell from $95,603 and found support at $87,193, the rebound was accompanied by a surge in buying volume, suggesting that large players may be assessing the situation.
The current movement represents sideways action within the $88,000–90,000 consolidation zone, which could become either a launchpad or a trap. A clean breakout above $90,500 on strong volume could signal renewed bullish interest, while any dip below $88,000 would point to a darker outlook.
4-hour BTC/USD chart on Bitstamp, January 22, 2026.
On the hourly chart, volatility is extreme. A sharp wick down to $87,193 was followed by a reversal and a swift rally above $90,000. This is a classic move to shake out weak hands. Since then, Bitcoin has settled into an unstable range between $88,000 and $90,500, oscillating with the kind of uncertainty traders both love and hate.
A candle at $90,471 indicates a rejection from the upper level, hinting that resistance remains active. Trading volume will be the decisive factor in determining how this narrow range is broken — upward or downward.
Hourly BTC/USD chart on Bitstamp, January 22, 2026.
Technical indicators convey market neutrality with a hint of uncertainty. The Relative Strength Index (RSI) stands at 45, while the stochastic oscillator sits at 17, suggesting the market is too exhausted to commit to any specific strategy.
The Commodity Channel Index (CCI) is at −82, the Average Directional Index (ADX) at 29, and the Awesome Oscillator remains positive yet ambiguous at 691. Momentum shows a positive reading of −1246 (yes, negative momentum indicating positive dynamics — markets like to be misleading), while the Moving Average Convergence Divergence (MACD) reads 240, pointing to a bearish trend.
Moving averages, whether exponential or simple, are clustered well above the current price and are under downward pressure. The 10-, 200-period exponential moving average (EMA) and simple moving average (SMA) all signal bearish conditions. The 10-day EMA stands at 91,660, while the 200-day SMA is at 105,442. If Bitcoin wants to reclaim bullish momentum, it must first overcome substantial resistance from these averages.
See also: "Risks of Bitcoin Price Decline to $88,500 Amid Rising Whale Activity"
