PANews reported on January 22nd, citing Cointelegraph, that analysts such as Glassnode pointed out that Bitcoin's current price structure is fragile and may face a prolonged period of consolidation. Bitcoin's price is currently confined within a wide range between the short-term holder cost base of $98,400 and the true market average of $81,100. If it fails to effectively recover key support levels, the market may repeat the prolonged consolidation pattern seen in the first quarter of 2022. On-chain data shows a dense supply zone above $100,000, constituting a persistent source of selling pressure and potentially limiting price breakthroughs at the $98,400 and $100,000 levels. The risk indicator has risen to 21, approaching high-risk territory, indicating that the current high-risk macroeconomic environment may persist.

Meanwhile, the spot Bitcoin ETF saw net outflows for the third consecutive day, with Wednesday's single-day outflow reaching $708.7 million, the largest single-day outflow in two months and the fifth largest since its launch in January 2024. Analysts point out that this reflects large-scale risk reduction by institutions. If the $84,000 support level is breached, the price could fall further.