According to Michaël van de Poppe (@CryptoMichNL), the Bitcoin market is currently focusing on two key levels. Despite expectations for a breakout at $100K, Bitcoin has not yet initiated this movement as of January 8, 2025. Instead, the market appears to be targeting liquidity beneath recent lows, suggesting a possible reversal upwards from the $90-92K range (source: Twitter). This indicates a strategic focus on accumulating liquidity before any significant upward movement, which traders should monitor closely.

The implications for traders are significant, as the $90-92K region could represent a critical support zone. If Bitcoin successfully reverts upwards from this range, it may set the stage for a subsequent rise toward the $100K mark. Analyzing on-chain data, the source indicates that trading volumes have remained relatively stable, yet there is an accumulation of buy orders around these levels, which could create a strong base for a future rally. Traders should keep a watchful eye on volume fluctuations and order book changes as these could signal the market's next move.

On the technical analysis front, several indicators are providing insights into Bitcoin's trading dynamics. The Relative Strength Index (RSI) has been hovering around the neutral 50 level, neither indicating overbought nor oversold conditions as of the latest data. Additionally, the Moving Average Convergence Divergence (MACD) indicator is approaching a potential bullish crossover, which may hint at a positive momentum shift if confirmed. Meanwhile, market depth data shows a concentration of buy orders at the $90-92K range, supporting the analysis of potential upward movement. Traders are advised to watch these technical indicators closely to better time their entry and exit points in the market.