In early January 2026, Bitfinex margin whales began trimming long Bitcoin positions while U.S. spot ETF flows showed sharp swings between inflows and outflows. Longs on Bitfinex recently peaked around 72,700 BTC before starting to roll over, as ETF data revealed a +$471 million net inflow on 2 January followed by about -$1.1 billion in outflows from 5 to 7 January. Analysts are weighing whether this combination signals a constructive reset for Bitcoin or the onset of a deeper correction over the next six weeks.

Bitcoin is trading near $90,635 while ETF products recorded $343.8M in net outflows on Jan. 9, and the market's Fear and Greed index sits at 40 with volatility compressing. Price action is consolidating inside a tightening triangle, with resistance around $91,520 and nearby support near $89,240 that could define the next directional move. A confirmed break above the upper boundary may open a path toward the $93,000–$94,800 region, while failure of the ascending trendline could expose downside toward $87,900.

After failing to clear the $94,000 barrier, Bitcoin is hovering around the $90,000 region, with buyers showing caution near highs without a confirmed trend reversal. In a January 9 X post, analyst KillaXBT outlined a pivotal $90,000 support tied to a CME futures gap, eyeing $87,500–$86,800 if it breaks and $94,000–$95,000 on strength. At press time, BTC is $90,500, down 0.76%.

Bitcoin is trading in a narrow band between $88,000 and $93,000 after an early 2026 surge faded, with its price recently fluctuating around $90,082. On-chain metrics and chart signals point to a tightening triangle pattern, making $93,000 a crucial resistance level and $88,000 a pivotal support area. At the same time, roughly $249 million in ETF outflows from the asset's latest session highlight weakening institutional appetite and heighten uncertainty over the next major move.

Bitcoin’s 2026 path is drawing mixed calls from major firms. VanEck, Bitwise, Grayscale, Bernstein, and Coinbase foresee a rebound and a possible new high near $150k, while Fidelity’s Jurrien Timmer points to $65k—with $45k below—as key thresholds. In November 2025, CryptoQuant’s Realized Cap flagged bear‑market risk for the first time since 2023.

Crypto analyst Plan C argues that Bitcoin’s surge to $126,000 last year did not mark the cycle peak because the broader business cycle has not yet moved above the 50 level. Drawing on ISM PMI readings around 47.9 and historical patterns where BTC tops aligned with business cycle levels between 55 and 65, he suggests further upside is possible even as the price struggles around $90,000. On-chain data firms add that Bitcoin must reclaim the Short-Term Holder Cost Basis near $99,100 to confirm a sustainable recovery, while large investors are reportedly not aggressively buying the dip.

Over the past year, large Bitcoin holders have reduced their balances by about 220,000 BTC while the network hashrate growth has slowed as prices stay below miners' $95k-$96k breakeven range. At the same time, Fidelity data shows Bitcoin's 1-year realized volatility has dropped to an all-time low of 42%, with the spot price still above the realized cost basis of long-term whales at $39.6k and miner whales at $58.6k. However, newer whales with a realized price near $99k may choose to sell on a rebound, posing a potential headwind for bulls despite the historically bullish implications of volatility lows.

In March 2025, the U.S. established a Strategic Bitcoin Reserve to hold seized BTC, but no federal market buying has taken place yet. Bitcoin ended 2025 down -6.3%, even as regulations such as the GENIUS Act and growing institutional trust reinforced its "digital gold" narrative. With 2026 beginning on a bullish macro note and gold having rallied 65% in 2025 to above $4.5k, traders are now watching whether the U.S. government will finally start purchasing Bitcoin for this reserve.