Bitcoin Tests 50-Day Moving Average Support Near $89,200 Amid Rising Leverage and Persistent Dip-Buying

On Jan. 9, Bitcoin rebounded to about $90,500 after briefly dipping near $89,300 and testing its 50-day moving average, CoinDesk reported. Trading firm Wintermute attributed the drop to thin liquidity and profit-taking, with OTC head Jake Ostrovskis citing weaker risk appetite and ETF outflows. Meanwhile, CME FedWatch showed just an 11.6% chance of a January rate cut, down from 15.5% a week earlier. Derivatives data points to rising leverage, with perpetual funding near 0.09%, signaling ongoing dip-buying but elevated liquidation risk if prices fail to hold.