Bitcoin has fallen more than 6% over the past week, trading back below $90,000 after briefly reclaiming $97,000, as global markets react to a sharp move in Japan’s bond market and intensifying tariff tensions between the U.S. and Europe. Japan’s 10-year government bond yield has surged to about 2.29%, its highest level since 1999, while new U.S. tariffs on eight European countries over Greenland are set to rise from 10% in February to 25% by June, prompting analysts to warn of tighter financial conditions and fading risk appetite.

On-chain metrics indicate Bitcoin long-term holders have shifted back to net accumulation after months of distribution, a pattern previously seen earlier in 2025. Price remains capped below the $100,000–$103,000 resistance, and Mike Novogratz says a decisive break is needed to confirm momentum. The data also suggests a potential higher low forming despite cautious sentiment.

On January 20, GJL Research analyst Gordon Johnson used X to answer why Bitcoin’s price has been falling while gold has been climbing, arguing that BTC and other cryptocurrencies have "ZERO value." He pointed to Bitcoin’s lack of clear utility, its inability to function as a real currency due to fixed supply, the view that most cryptocurrencies are unregistered securities under the CLARITY Act, and the historical failures of private money. Over the same period, Bitcoin dropped from about $95,000 to roughly $89,000, while gold advanced from around $4,550 to near $4,860, which Johnson contrasted with gold’s long-standing role as a store of value.

Steak 'n Shake plans to introduce a Bitcoin bonus of $0.21 for every hour worked by hourly employees starting March 1, 2026, in partnership with the Fold rewards app. The bonus, which can total about $436 annually for a full-time worker, will vest after two years and has drawn both criticism over its limited value and praise as a way to familiarize staff with cryptocurrency. During this rollout, Bitcoin is trading around $88,732 with weekly losses reflecting broader market pressures.

On January 21 2026, onchain metrics indicated that Bitcoin holders have entered their first 30-day period of realized losses since October 2023, with prices slipping under the $90,000 mark and dropping 7.11% over the past week. The market downturn has coincided with record-breaking gold prices, a slide in spot Bitcoin ETF flows, and a decline in the crypto fear and greed index to “extreme fear,” even as large institutional buyers continue to accumulate Bitcoin.

On January 17, Donald Trump announced tariffs starting at 10% on goods from eight European nations, rising to 25% on June 1, a move that coincided with a sharp drop in Bitcoin and other risk assets. Despite the renewed focus on acquiring Greenland, crypto-based prediction markets currently assign only a 20% probability that the U.S. will complete a Greenland takeover by December 31, 2026, and 30% by March 31 this year. Analysts argue that these platforms can offer useful sentiment signals but warn that thin liquidity and speculative trading mean their odds should not be treated as definitive forecasts.

In 2025, Bitcoin's global search interest fell about 50% even as the asset reached an all‑time high of $126,080. Posts on X mentioning "Bitcoin" declined 32% year over year to 96 million, and sentiment weakened following an October 10 liquidation of over $19 billion. By mid‑January 2026, social metrics turned more bearish despite prices rising from $90,320 to $97,540.

Dogecoin co-creator Billy Markus has reacted on X to a sharp crypto market downturn that erased about $150,000,000,000 in value as Bitcoin dropped under $90,000 and gold set a fresh record above $4,800 per ounce. Markus, known online as "Shibetoshi Nakamoto," replied with a brief "oh" to a post highlighting the scale of liquidations, while separately the firm Strategy disclosed a purchase of 22,305 BTC for roughly $2.13 billion at a price of about $95,284 per coin.