Bitcoin tested the $100,000 support level on January 21 following the inauguration of US President Donald Trump. Despite expectations for a bullish market response, Trump did not mention Bitcoin or cryptocurrency, putting pressure on the price. Long positions suffered significant liquidations, with around $500 million worth occurring in the previous 24 hours. Analysts suggested that Bitcoin might target liquidity around the mid to high $90,000 range, with speculation around touching lows of $90,000. Trader Matthew Hyland highlighted the importance of Bitcoin's 10-day simple moving average, indicating that a decision on the price trend would need to be made soon. Additionally, the Choppiness Index, a volatility measurement, indicated that the period of consolidation around the $100K mark may be ending, with expectations of a clearer trending movement approaching. Overall, the current environment has both bullish and bearish traders speculating on upcoming price movements.

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