Bitcoin fell under $90,000 on 21 January and touched $89,162 before stabilizing near $89,368, a 1.9% session drop, per TradingView. According to CoinGlass, crypto liquidations totaled $708.88m in the past 24 hours, with $648.78m from longs and $60.09m from shorts, highlighting a leverage flush skewed against long positions.

On January 20, 2026, Bitcoin dropped below the $90,000 mark after repeatedly failing to break through a key resistance band. The decline has coincided with heavy derivatives positioning, a clear reduction in open interest, and a wave of long liquidations that pushed the price into a lower trading range. While the move has sparked debate over whether it marks deeper weakness or a structural reset, current market data points more toward controlled deleveraging than a disorderly sell-off.

On Tuesday, Bitcoin slipped below $90,000, and multiple analysts warned of sustained sell-side pressure driven by inflows from large holders. CryptoQuant data indicates newer whales (UTXO age under 155 days) now control more realized capital, with a cohort realized price near $98,000 and about $6 billion in unrealized losses, keeping $85,000 in focus.

Bloomberg Senior Commodity Strategist Mike McGlone warned that the Bitcoin/gold ratio sits near 20x after five years and could revert toward 10x. He noted a late‑2024 peak near 40 and recent slippage, with BTC around $91,000 and gold above $4,700, while recent moves show a 2.3% daily drop, a 1.7% weekly dip, and a 3% monthly rise.

Strategy said it purchased 22,305 BTC between January 12 and 18 for ~$2.13 billion at an average ~$95,284 per coin. As of January 19, 2026, its holdings stand at 709,715 BTC, acquired for ~$53.92 billion at an average ~$75,979 per BTC. The move marks the company’s third Bitcoin buy of 2026 and one of its largest weekly adds in months.

Bitcoin is retesting support near the $90,000 area after failing to hold above $100,000, with a dense liquidation cluster around $88,000–$89,000 seen as a short‑term draw. A new 10% tariff package is set to take effect on Feb. 1, and analysts differ on whether a deeper pullback toward $74,000 could follow.

On January 20, veteran market technician Peter Brandt highlighted a bearish setup on Bitcoin's daily chart that, in his view, leaves room for a decline toward the $58,000–$62,000 area. He argued that BTC has slipped from a topping pattern, failed to regain former support near $98,000–$102,000, and is now trading in a corrective channel, while spot prices hover around $90,991 with muted momentum and key moving averages acting as resistance. Brandt emphasized that this projection is probabilistic, not guaranteed, and framed it within disciplined risk management.

On January 19, silver crossed $94, intensifying debate between precious‑metal advocates and crypto investors. Peter Schiff linked the metal's rally to a looming Bitcoin downturn, saying on X that the cryptocurrency could suffer a sharp collapse, while BTC's brief move above $97,000 earlier this month failed to hold.