The market on January 8th is quite interesting. Bitcoin is currently fluctuating around $92,600, down 0.6% in 24 hours. When priced in rupees, the decline is more noticeable, reaching 8,172,900 rupees, a drop of 1.56%. But don’t be scared by the short-term correction; on the weekly chart, it still gained 3.84%.

Ethereum faces a bit more pressure. The current price is $3,164.76 (roughly 22,000 RMB), down 2.74% in 24 hours, which looks a bit grim. However, interestingly, it still increased by 6.15% over the past 7 days, with circulating market value stable at 2.68 trillion RMB.

The main reason for the market decline is that the Bloomberg Commodity Index is adjusting its annual weights, triggering passive fund rebalancing. Cryptocurrencies and commodities are both under pressure this time, feeling somewhat linked.

From a technical perspective, both coins are oscillating at high levels. The bullish trend remains unchanged, but there is clearly a need for a correction. The key now is whether those critical support levels can hold, as this will determine the future direction.