BlockBeats news: On January 20, according to Cointelegraph, as Bitcoin fluctuated above $90,000, multiple on-chain and sentiment indicators simultaneously issued "buy" signals. Market attention is now focused on whether this key support level can be maintained.
Regarding on-chain data, the Hash Ribbons indicator shows that the miners' capitulation phase is ending and a recovery period is beginning. This indicator is based on the 30-day and 60-day moving averages of hash rate changes, and historically has provided buy signals multiple times after miner selling pressure was released and before significant price increases. Capriole Investments stated that the current price level has formed a "long-term buying opportunity." On-Chain Mind also noted that this is "one of the strongest Hash Ribbons signals on record," which often indicates that forced selling is nearing its end.
On the emotional front, the fear and greed index has also shown positive changes. According to CryptoQuant data, its 30-day moving average has crossed above the 90-day moving average, forming a "golden cross." This typically occurs after prolonged fear and within a period of price consolidation. Historically, it has often signaled upward price movements in the following weeks.
In terms of price structure, $90,000 has become a key support level. Currently, BTC is trading between $90,000 and $92,000, a level that also corresponds to the 200-period moving average on the 4-hour chart and the critical lower boundary of the weekly chart pattern. Analysts suggest that as long as $90,000 holds, the bulls will maintain the initiative, and the price could continue to rise. However, if the weekly chart effectively breaks below this level, BTC may retrace to the $80,000–$85,000 range, with further support potentially found at $74,500 and near the 200-week moving average.
Overall, the on-chain data, market sentiment, and technical indicators have all improved in sync, making the $90,000 level a key threshold that determines Bitcoin's short- to medium-term trend.