Bitcoin Price Analysis for January 8: Can BTC Sustain Above the Ichimoku Cloud Support?

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Summary:
Bitcoin's performance as of early January 2026 shows it testing crucial support levels within the Ichimoku Cloud. Its ability to maintain positions above this zone will influence its forthcoming price movement significantly.

Key Takeaways:

Bitcoin has seen a considerable recovery, surpassing the $90,000 mark as of early January 2026.
The cryptocurrency briefly soared to nearly $95,000, highlighting a strong bullish trend.
Current price consolidation between $90,000 and $92,500 indicates potential resistance.
Essential support is located around $88,300, with significant implications if this level is broken.
Recent liquidation data reveals increased market activity and volatility, particularly affecting long positions.

Current Bitcoin Price Trends

Bitcoin has begun 2026 on a strong note, rebounding from losses incurred in December 2025 and quickly reclaiming the $90,000 threshold. Despite external influences, such as geopolitical tensions surrounding the U.S. and Venezuela, Bitcoin held firm over the weekend.

The positive sentiment extended into the new business week, with Bitcoin climbing above $94,000 by Monday evening. This upward momentum continued into Tuesday, where it reached just below the $95,000 mark.

However, Bitcoin recently experienced a dip of 2.8% within a 24-hour timeframe, indicating some resistance as it consolidates within a range of $90,000 to $92,500. Though this is a short-term pullback, Bitcoin shows robust resilience and maintains a medium-term upward trend.

In-Depth Bitcoin Price Chart Analysis

Bitcoin's price activity on the daily chart is currently situated within the Ichimoku Cloud, signaling critical insights into future price trajectories. Presently, Bitcoin hovers around the $90,000 level, encountering immediate resistance at the upper cloud boundary, approximately $93,997.

Bitcoin Price Analysis

Should Bitcoin manage to breach this resistance, it could aim for higher price targets in the $94,000 to $95,000 range. Conversely, the support level is found near $88,300, with the lower boundary of the cloud offering further protection. A decline below this support could lead to deeper losses, potentially revisiting the $87,650 mark.

The Average True Range (ATR) indicator currently reflects a value of 2,511.89, which assesses Bitcoin's volatility. An increasing ATR value points to heightened market volatility, suggesting that more significant price swings could be on the horizon. However, the ATR is slightly decreasing, hinting that the market may be entering a phase of lower volatility.

Bitcoin Liquidation Insights

CoinGlass has revealed that Bitcoin's liquidation data illustrates significant market movements, underscoring increased volatility and potential risks for traders. In just the past 24 hours, liquidations totaling approximately $145 million were recorded, predominantly from long positions, which accounted for $134.48 million.

Bitcoin Liquidation

Examining shorter timeframes, the liquidation data shows significant volumes within the 12-hour and 4-hour marks, reporting $80 million and $68.47 million liquidated, respectively. Notably, long positions again led these liquidations, with $75.99 million and $66.84 million of long positions being eliminated.

In contrast, the short liquidations across all periods remained relatively low, particularly in shorter windows like the 1-hour ($1.24 million) and 4-hour ($1.62 million) periods, indicating that short sellers may not be facing notable pressure.

Disclaimer: This content is for informational purposes only and should not be interpreted as financial advice. The opinions expressed here reflect the author's personal views, which do not represent the stance of The Crypto Basic. Readers should conduct thorough research before making investment decisions, as The Crypto Basic is not liable for any financial losses.