Bitcoin (BTC) is showing signs of a potential upward move toward the $90,000 resistance level, according to a technical analysis report dated January 30, 2026. The analysis notes that Bitcoin recently reversed upward from a key support area between the strong support level of $80,770—which aligns with the former monthly low from November—and the lower daily Bollinger Band. This reversal formed a daily Japanese candlestick pattern known as a 'Hammer,' which halted the earlier short-term impulse wave iii.
The report suggests this wave is part of the C-wave of an intermediate corrective wave (4) that began in October. Given the strength of the $80,770 support level, an oversold daily Stochastic oscillator, and prevailing bullish sentiment across cryptocurrency markets, the analysis projects a further rise toward the next significant resistance at $90,000. This level previously reversed earlier waves iv and ii.
Supporting this technical outlook, data from January 31, 2026, indicates a surge in long liquidations as Bitcoin's price dipped to approximately $82,900. CryptoQuant data, shared by analyst Axel Adler Jr., showed a sharp spike in forced long closures over a 24-hour period, pushing the 'Bitcoin Futures Long/Short Liquidations Dominance' metric into an extreme zone. This signaled that leveraged long positions bore the brunt of the stress during the price drop, reflecting rapid deleveraging in the derivatives market.
Notably, funding rates remained positive throughout this period, suggesting traders continued to pay a premium to maintain long exposure. This combination of heavy long liquidations and positive funding rates indicates an unwind that had not fully cleared positioning pressure at the time of the data reading.
Adding a macro perspective, a long-term cycle model shared by 'Trending Bitcoin' frames the recent pullback as part of a broader uptrend. The model, which tracks Bitcoin's price action since 2011, shows the cryptocurrency advancing within rising channels while an underlying business-cycle metric resets at higher lows. The current structure is positioned in the latter stage of an expansion leg, and historically, similar alignments have preceded steep upside extensions after consolidation phases. This view suggests recent volatility fits within a broader upward trajectory, with the business-cycle line trending upward from a long-term base, indicating rebuilding momentum rather than a rollover.
