Bitcoin consolidates between the $88,000 and $92,000 mark as the drawdown from its cycle peak remains relatively mild. The cryptocurrency was trading at the $90,444 level.
In the past 24 hours, Bitcoin and Ethereum were down by 0.55% and 0.93% respectively. Among the major altcoins, XRP, Solana, Dogecoin, Cardano and Hyperliquid were down by up to 7% in the past 24 hours, whereas BNB and Tron were up by 1.27% and 1.57% respectively in the same period.
Sehgal further said that the drawdown from its cycle peak remains relatively mild at around -27%, compared to the deep -75% to -92% corrections of previous bear markets. With macro catalysts remaining key, investors are watching the potential US government shutdown on January 30 and the Fed’s rate decision, with a 95% probability of no change.
In the past week, Bitcoin and Ethereum were up by 1.13% and 0.03% respectively. In the same period, major altcoins including XRP, BNB, Solana, Tron, Dogecoin and Cardano were up by over 3%, whereas Hyperliquid was down by 0.83%.
Nischal Shetty, Founder, WazirX, said over the last 24 hours, crypto markets absorbed global macro signals with measured trading and selective responses, underscoring the growing sophistication with which digital assets interact with broader economic trends.
Shetty further said that technical indicators show neutral momentum, with the RSI near 51.54 and price trading around key moving averages, including the 50-SMA at $89,392.75 and the 200-DMA at $106,344.48. Support and resistance clusters around pivot zones have limited sharp moves, reflecting consolidation rather than a directional breakout.
Curated by Emma Watson
