Bitcoin's price has remained largely flat while gold continues to rise, a pattern Delphi Digital links to developments in Japanese government bonds, the firm said on Jan. 23. The yield on Japan's 10-year JGB is currently about 3.65 standard deviations above its long-term mean, and when gold and yields advance together, markets are pricing policy strain and balance sheet fragility rather than economic growth, Delphi Digital said. The firm noted the Bank of Japan is structurally long-duration and heavily exposed to JGBs on both the asset and collateral side, with gold absorbing this pressure while Bitcoin has shown a negative correlation to the 10-year JGB and has tended to struggle as Japanese yields climb. If the Bank of Japan steps in to stabilize the JGB market, the risk premium embedded in gold could ease, potentially giving Bitcoin room to rebound, Delphi Digital added.

GameStop transferred all its Bitcoin holdings to Coinbase Prime on Jan. 23, CryptoQuant said in a post on X, noting the move likely signals intent to sell. The company acquired 4,710 BTC between May 14 and 23, 2025, at an average price of about $107,900, totaling roughly $504 million. If sold around $90,800, the position could result in an estimated $76 million loss, CryptoQuant added.

Bitcoin failed to reclaim levels above $90,000 on Jan. 23, undermining investor confidence and deepening bearish sentiment, BlockBeats reports. Georgii Verbitskii, founder of non-custodial Web3 platform TYMIO, said short-term weakness is linked to lack of interest from large institutions at current prices, with geopolitical uncertainty pushing investors toward more defensive positioning. Surf co-founder Ryan Li noted that even previously strong altcoins are under pressure, citing Avalanche's roughly 66% decline since last September despite collaborations with institutions such as JPMorgan and WisdomTree. Verbitskii added that gold has become a key focus for major haven flows, leaving Bitcoin sidelined, and described this as a repricing away from being a top-choice asset rather than a panic-driven structural shift.

Crypto analyst @alicharts identified Bitcoin's key support at $87,400 on Jan. 23, BlockBeats reports. The analyst's chart also showed a key resistance level at $98,400.

Multiple analysts expect Bitcoin could face a bear market in 2026, with some projections pointing toward prices near $58,000, Cointelegraph reported on Jan. 23. Titan of Crypto said Bitcoin flashed a bear signal after the MACD turned lower with a bearish cross on the two-month cycle, noting that historical drawdowns from similar technical structures have ranged between 50% and 64%. BTC is trading roughly 9% below its 2026 high of $97,930 and beneath the 75% percentile cost basis level at $92,940; Glassnode data show the asset is trading under the cost basis of 75% of supply and downside risk remains dominant until that level is reclaimed. Trader Merlijn The Trader said price has returned to an uptrend-line support zone around $89,000–$90,000, cautioning that a breakdown could invite a retest near $84,000; a cost distribution heatmap shows investors bought about 941,651 BTC around that area over the past six months, with another key support near $80,000 where roughly 127,000 BTC were previously accumulated.

Prediction platform Polymarket priced in a 32% probability that Bitcoin will fall to $85,000 in January, BlockBeats reports. The platform's listed contracts also showed a 7% chance of Bitcoin dropping to $80,000 and a 6% probability of reaching $100,000 in the same month.

An address starting with 0x506f opened a 40x leveraged short position on Bitcoin totaling 238.5 BTC, worth about $21.22 million, on Jan. 23, Hyperinsight data show. The position was initiated at $88,900 with a liquidation price of $90,046.9.

A whale address labeled the 'ultimate bear' (0x5d2) has earned $65.5M in total profit from four BTC short positions opened since January last year, despite losing $5.48M combined on the first three trades, Coinbob hot address data show on Jan. 23. The most recent short has generated about $9.94M in funding fees and over $55.6M in contract gains, with no position adjustments since Dec. 26. The address still holds a 20x leveraged BTC short worth roughly $44.5M at an average entry of $111,500, with liquidation at $106,600 and an unrealized profit near $11.2M.