January 8th, Bitcoin once again tests investors' patience. This time, the market is not very optimistic—over the past 24 hours, it has fallen by 2.4%, with the price dropping back to $89,881. More heartbreaking is that the total liquidation across the network has exceeded $477 million; those who held on are at a loss, and those who couldn't are forced to liquidate.

The optimism at the beginning of the new year has mostly dissipated. Most of the gains recorded in the first week have been retraced, making many feel like they are chasing a false rebound.

CEX.IO Chief Analyst Otychenko's view hits the nail on the head: "Bitcoin falling below $90,000 indicates that the initial momentum at the start of the year is waning. The new capital allocations and earlier positive geopolitical news initially provided some support, but clearly, the firepower is insufficient to sustain a continued rebound."

SynFutures Chief Operating Officer Wenny Cai's analysis is more specific. Although 2026 is looking good so far, with structural positives still in place, Bitcoin just can't stay steadily above $90,000. She points out that multiple factors are stacking up behind this: global market risk aversion has increased, investors are waiting for key macro indicators like US employment data to be released, and risk appetite is thus suppressed. The most direct manifestation of this risk aversion is Bitcoin oscillating repeatedly around the $90,000 mark, occasionally falling below $90,000.

Worse still, spot Bitcoin ETF fund flows have once again turned negative. This further reinforces the recent pullback trend, especially evident in the US market.