Bitcoin Slides Below $85,000 as Global Macro Assets Tumble
Thursday, 29 January 2026 – 09:00 GMT
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Bitcoin (BTC) entered a two‑month low on Thursday, slipping to $83,156 on the Bitstamp exchange – a drop of almost 6 % in a single session. The digital‑currency rally that had kept the flagship token above the $85,000 mark was abruptly reversed, mirroring a broader sell‑off that hit equities, gold and silver alike.
Market backdrop
The price decline came after a dramatic swing in the precious‑metal market. Gold, which had briefly breached the historic $5,600 level earlier in the day, lost roughly $400 within a half‑hour window. The rapid correction erased more market capitalisation than Bitcoin’s entire valuation at the time, underscoring the depth of the panic that spread across risk assets.
Silver followed a similar pattern, and the sudden loss of value in these “safe‑haven” assets added pressure on crypto markets, which had been buoyed by the perception of a diversified risk‑off rally.
Bitcoin’s price action and liquidations
Data from TradingView shows that Bitcoin failed to hold the support zone at the start of the 2026 trading year, as well as nearby moving averages. In the four‑hour period that followed the break of these levels, crypto liquidations topped $500 million, according to figures from CoinGlass. The influx of forced sales amplified price weakness and contributed to the sharp intraday decline.
The one‑hour BTC/USD chart recorded an intra‑day low near $83,100, while the daily candle closed still shy of $85,000 – a level that had previously acted as a psychological barrier for the market.
Analyst perspectives
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Michaël van de Poppe, a trader and analyst, described the environment as “wild,” noting that the rapid erosion of gold and silver values was driving Bitcoin lower in a “panic flush.” He suggested that the current dip could be an opportunity for Bitcoin to re‑assert itself once market sentiment stabilises.
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Nic Puckrin, CEO of the educational platform Coin Bureau, warned that the erratic moves in precious metals are atypical. He linked the behaviour to a “confidence erosion” in the U.S. dollar and argued that investors and central banks are positioning themselves defensively, treating gold and silver purchases as insurance.
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Keith Alan, co‑founder of Material Indicators, highlighted the significance of the monthly candle close. He pointed out that Bitcoin is testing a crucial support level around the 2026 yearly open. A close above this level would be bullish, while a finish below the $87.5 k “Timescape” threshold could set the stage for a prolonged downtrend, a scenario he dubbed “Bearadise.”
- Market‑structure concerns: Earlier reports flagged a potential manipulation of order books by an unidentified “whale” entity that may be suppressing prices beneath the $90,000 mark. While not conclusively proven, the observation adds to the uncertainty surrounding the current price dynamics.
Potential implications
The upcoming monthly candle close is now a focal point for traders. Should Bitcoin manage to finish the month above the yearly open, sentiment could swing back toward optimism, reviving “hopium” among bullish participants. Conversely, a close beneath $87.5 k would likely cement a bearish outlook, extending the current correction and possibly triggering further liquidations.
The broader macro environment also remains fragile. With gold and silver demonstrating heightened volatility, confidence in traditional safe‑haven assets is waning, which could translate into continued pressure on crypto markets that are increasingly interlinked with global risk sentiment.
Key takeaways
- Bitcoin price: Dropped to $83,156, breaking the $85,000 support level for the first time in two months.
- Liquidations: Over $500 million in crypto positions were liquidated in a four‑hour window following the price break.
- Precious‑metal shock: Gold’s rapid $400 decline from a record $5,600 erased more market cap than Bitcoin’s entire valuation.
- Analyst outlook: Consensus points to a pivotal monthly close; a finish above the 2026 yearly open could reignite bullish momentum, while a close below $87.5 k may pave the way for a prolonged downturn (“Bearadise”).
- Macro risk: The synchronized sell‑off across equities, gold and silver suggests heightened global risk aversion, limiting the upside potential for Bitcoin in the near term.
This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and consider the risks associated with cryptocurrency trading.
Source: https://cointelegraph.com/news/why-did-bitcoin-price-hit-two-month-lows-near-83k?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
