Entering the second week of 2026, Bitcoin has been oscillating around $91,000. After a pullback from the high of $94,000 to this level, the entire week has been almost flat—such market conditions really test patience.

The driving factors behind this are several clear elements. The US December non-farm payroll data did not perform strongly, while the unemployment rate was decreasing, creating a mixed signal that confuses the market. As a result, the Federal Reserve has reinforced expectations of holding steady in January, making the probability of rate cuts in the short term very low. Meanwhile, Bitcoin ETF outflows have continued for three consecutive trading days, indicating that institutional caution is beginning to show.

From a technical perspective, Bitcoin is trapped within the $88,000 to $94,000 range, with obvious resistance above and support below. Continuing to grind within this range in the short term seems most likely. The main variables moving forward depend on two factors: first, how the final implementation of US tariff policies unfolds; second, whether large institutional funds will change their stance. Any movement in these two variables could signal a breakout from the current range.