On Thursday, Bitcoin plunged from levels near $90,600 to around $84,635, briefly breaking below the $85,000 area. The sharp move triggered liquidations of nearly $800 million in leveraged positions over 24 hours, including about $301.15 million in longs wiped out in a single hour. One BTC-USD position worth $31.64 million on Hyperliquid was the day's largest forced closure.

On 29 January 2026, the U.S. Dollar Index moved toward the 96 area after breaking its long-term trend, a level historically linked to Bitcoin bull phases. Past dips below 96 in 2017 and 2020 preceded 7–8x BTC gains, while gold's daily RSI recently reached 91+, signaling potential cross-asset rotation. Markets are watching whether DXY can reclaim 96.

In 2025 and early 2026, the estimated volume of "lost" BTC decreased as long-dormant wallets began to move coins and early holders adjusted their positions. Billions of dollars' worth of BTC that had been idle for years were transferred for reasons ranging from profit-taking and custody changes to privacy and security concerns. On-chain data show more activity from coins held for over a decade, while newer cohorts favor active trading instead of extended holding.

Gold has climbed 25% over the past month and 66% in six months, while Bitcoin is down 2.5% month-over-month and 25% over six months. Analysts link BTC’s calmer profile to ETF-driven maturation, and the report says spot silver set a $120 record this week. Market caps have shifted: silver is now $6.7 trillion versus BTC at $1.75 trillion.

Macro analyst Michaël van de Poppe says gold’s momentum has driven its RSI above 91, a threshold last seen in December 1979 and higher than August 2020. He notes that after the 2020 spike, gold consolidated while Bitcoin advanced about 5–6x, prompting debate over whether a similar setup could unfold.

On Thursday, Bitcoin slid back under $90,000 and traded around $87,700 after the Federal Reserve's first 2026 decision to leave interest rates in the 3.50%–3.75% range. The broader crypto market value hovered near $3.11 trillion, with Ethereum retreating toward $3,000 as traders weighed rate-cut timing, shifting flows into gold and silver, and heavy leverage that could trigger liquidations between $75,000 and $105,000.

BTC’s pre-FOMC push on Wednesday halted at $90,000, keeping price confined to the $86,000–$90,000 band since Jan. 20. Analysts say momentum could improve if $93,000 is reclaimed as support, with resistance clustered near the 50-day and 100-day SMAs at $90,000 and $94,000. ETF flow stability may further aid a break toward $98,000.

On 29 January 2026, Japan-based Metaplanet outlined a plan to raise $137 million to purchase additional Bitcoin, reinforcing its shift toward a Bitcoin-centric treasury model. The firm already holds 35,102 BTC and is positioning the asset as a long-term reserve rather than a vehicle for short-term trading. Around the same time, Bitcoin was trading near $87,700, in what analysts described as a corrective phase within a broader uptrend, with key support seen in the $86,000–$87,000 range.