Bitcoin price today: Booming
As of 6 pm today (January 24), Bitcoin - the world's largest electronic currency - according to market value reversed to increase by 0.62%, reaching 89,482.65 USD.
This new price contributed to bringing market capitalization up again, trading at the threshold of 1,787 billion USD, up 13 billion USD. In contrast, trading volume in 24 hours fell to 32.13 billion USD, down 4.56 billion USD.
Perspectives and forecasts
Bitcoin (BTC) price has hardly fluctuated in the past 24 hours. BTC is hovering around the 89,500 USD level, although the decrease in the week is still nearly 6%. Externally, this seems to be a quiet accumulation phase, but technical signals show a different story.
Many technical and on-chain indicators currently reflect a stalemate. Buyers are trying to postpone a deeper decline, not strong enough to open a new upward wave. Risks are silently accumulating, and a less noticed counterweight is beginning to play an important role.
In the last 3 daily trading sessions, Bitcoin has continuously appeared doji-shaped candles, with small candlesticks and long candlestick shadows. This reflects hesitation, not balance. Sellers continuously push prices down, while buyers only come in late to support prices, making no side truly control the market.
On-chain data shows that long-term holders - wallets holding Bitcoin for 155 days or more are still net buying. This group is tracked through the Holder Net Position Change indicator, reflecting the amount of BTC they buy or sell net over time.
In the past two weeks, this indicator has remained positive, however, buying power is weakening.
On January 19, the long-term holding group net bought about 22,618 BTC. By January 23, this number decreased to about 17,109 BTC, meaning the buying intensity decreased by about 24% in just four days.
This shows that although still supporting prices, long-term investors are doing so with weaker force, in line with the hesitant signal on the price chart.
This weakening will not be too worrying if no new pressure appears.
The least noticed factor currently comes from Bitcoin miners. The Miner Net Position Change indicator monitors changes in BTC supply in miners' wallets for 30 days. When this indicator falls deeply, it shows that miners are selling more.
Low transaction fees narrow the profit margin of miners. When revenue decreases, they are forced to sell Bitcoin to cover operating costs and this is happening, although not at an extreme level.
At the same time, the behavior of "elephants" also began to weaken. The number of elephant addresses increased steadily from January 9 to January 22, then slowed down and slightly decreased, showing signs of early distribution, although not yet strong sell-offs.
In Vietnam, the cryptocurrency asset market has been piloted from September 9, 2025, the pilot implementation period is 5 years.
However, organizations and individuals participating in the cryptocurrency asset market must comply with relevant legal regulations on preventing and combating money laundering, terrorist financing, financing the dissemination of weapons of mass destruction, electronic transactions, network information security, network security, data protection to ensure security and safety in the cryptocurrency asset market and other relevant specialized laws.
