Bitcoin performance today remains under pressure. The current price is around $91,300, down 2.96% over the past 24 hours, briefly falling below the $91,000 level during the session, with a low of $90,635. However, from an annual perspective, Bitcoin has still gained 6.65% since the beginning of the year, with no obvious signs of fundamental weakening.

From a capital flow perspective, US BTC ETFs saw a single-day inflow of $471 million on January 2, the highest net inflow since November 11 of last year. Meanwhile, perpetual futures funding rates have risen again to levels not seen since mid-October. Interestingly, institutional buying enthusiasm has warmed, and miners' selling pressure is easing, indicating a market that is consolidating at high levels.

On the technical side, key support levels are positioned in the $90,600-$90,800 and $91,800-$92,000 ranges, with resistance above at the $94,500-$95,000 zone.

On the macro front, attention should be paid to tonight’s US small non-farm payroll data and Friday’s non-farm employment report, which could influence market expectations for the Fed’s rate cut pace, potentially increasing volatility. Additionally, South Korea is advancing the institutionalization of crypto assets, planning to guide financial institutions to develop and launch BTC-related derivatives, which could bring incremental demand to the market.