This is part of The Rio Times’ daily coverage of cryptocurrency markets and Latin American financial markets.
Key Points
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- Bitcoin held near $89,474 on the daily close, after a narrow $89,296–$89,973 range.
- The weekly candle stayed negative, with a $87,193 low still defining the downside risk.
- Momentum is mixed: daily RSI improved, but weekly RSI remains weak and MACD stays negative.
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\nBitcoin did not break down on January 23. It also did not prove it can recover. The latest candles show a market that is stabilizing in place, after a sharp slide earlier in the week.
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\nThe daily chart is the cleanest snapshot. Bitstamp printed O $89,468, H $89,973, L $89,296, and C $89,474. That is basically flat, and that matters.
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\nAfter large red candles, a small doji-like day often signals exhaustion. It can also signal indecision before the next leg. The four-hour chart reinforces that view.
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\nIt showed O $89,821, H $89,973, L $89,296, and C $89,474. That session ended lower, but it avoided fresh lows. The bounce attempt looks real, yet hesitant.
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\nThe weekly chart keeps the warning label on. The week so far printed O $93,627, H $93,632, L $87,193, and C $89,458, down about 4.46%.
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\nThe $87,193 low is the line that matters most. If the market revisits that zone and fails, talk of $85,000 and even $80,000 returns quickly. If it holds, it becomes the anchor for a basing attempt.
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\nMomentum readings explain why the rebound feels fragile. Weekly RSI sits around 40.7, a weak level that usually accompanies defensive trading.
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\nDaily RSI is higher, around 43.6, and it has stopped falling. The four-hour RSI sits near 40.6, after recovering from deeper oversold conditions. That pattern is typical of a relief bounce inside a broader downtrend.
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\nMACD is still not your friend. On the weekly view, the histogram remains deeply negative. On the daily view, it looks closer to turning, but not convincingly.
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\nOn the four-hour view, the histogram has improved, which supports short-term stabilization. That is not the same as a trend reversal.
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\nThe price map is tight now. Support starts near $89,300, then the high $88,000s. Resistance sits around $90,100–$90,400, where several moving averages cluster.
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\nUntil bitcoin clears that ceiling with conviction, the market remains vulnerable to another fast drop.
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