January 12th Market Opening: The cryptocurrency market appears stable on the surface, but undercurrents are brewing. Last Friday’s non-farm payroll data arrived as expected, yet market reactions were rather muted. The market did not choose a side but instead fell into a typical "event vacuum"—a phase often characterized by repeated oscillations at high levels.

Focusing on the real-time early trading session. Around 9:35 AM, Bitcoin suddenly gained momentum: it sharply dropped from the $91,500 level, reaching a low of $90,236, which was quite aggressive. Interestingly, the buy-side quickly absorbed the dip—buy orders came in continuously, and within just a few minutes, the price was strongly pulled back, rebounding to a high of $91,799. Currently, BTC is settled around $91,400, with a clear consolidation pattern, and the 24-hour volatility is not significant.

Ethereum also follows suit, trading around $3,130, maintaining the psychological barrier of $3,100, with short-term resilience against declines still intact.

Looking at the broader market, the total cryptocurrency market cap hovers around $3.185 trillion. The entire index shows a typical sideways consolidation pattern—neither hot nor cold, with no significant breakout movements.

Today’s early session "sharp decline—quick rebound" scenario actually illustrates the current situation well: bottom buyers are resolute, but top sellers are equally concentrated. Without new macroeconomic variables injected, this wide-range oscillation is likely to become the ongoing phase.

In plain terms, the current crypto market is in a high-level consolidation and a tense standoff between bulls and bears. Both Bitcoin and Ethereum have yet to effectively break through key resistance levels above, and prices are repeatedly testing within this range.