January 13th's bullish candlestick is not just a rebound; it's a confirmation signal at the structural level.

Let's first look at what the technical analysis says. After Bitcoin's previous sharp drop, it has been following the classic trend pattern → convergence → upward breakout. The most critical technical point is: the 95,000 level was broken through with high volume and a solid close, establishing a firm footing.

What does this mean? The downward channel that had been tightly suppressing the price for over a month has been decisively broken through by a large bullish candlestick. This is not a false breakout or a spike; it is a genuine breakout confirmed by a close. Even more significant, this bullish candlestick is stepping on the upward trendline to complete the breakout—trendline confirmation, breakout of the sideways consolidation, and the last line of defense for the bears all failed. From a technical perspective, this is no longer a question of "can it rise," but "how it will rise."

What about the fundamentals? This bullish candlestick didn't appear out of nowhere. There are three particularly key background factors recently.

First, ETF capital is flowing back. Profit-taking and technical retracements have been digested, selling pressure has noticeably weakened, institutions are not chasing highs, but are beginning to rebuild positions at structural levels.

Second, the short-term pressure from the US dollar and US Treasuries is easing. Factors that previously suppressed risk assets are waning, market risk appetite is warming, and high-beta assets like Bitcoin are responding first.

Third, and most crucially: the psychological barrier of 100,000 has shifted from a "ceiling" to an "attraction point." The price has been oscillating around 90,000 for a long time but has not broken the trendline. Essentially, the main players are waiting for a "proper launch moment." January 13th is that moment.