The crypto market lacks strong momentum, with Bitcoin continuously hovering around $90,000.

After the liquidation wave experienced by Bitcoin this week, it has lost the momentum to continue upward. As of January 29, 2026, the BTC trading price is approximately $88,060, down 2.09% in 24 hours, far from the expected rise driven by a weakening dollar and improving global risk appetite. Meanwhile, mainstream cryptocurrencies such as Ethereum, Solana, and Cardano also performed poorly, with ETH dropping to $2,940 (-3.14%), SOL falling to $122.78 (-3.43%), and ADA plunging by 4.40% to $0.34. This scene reflects that the cryptocurrency market is missing not only price support but also participant confidence.

Volatility and the Dilemma of Risk Assets

The current crypto market presents a rather ironic phenomenon: despite Asian stock markets reaching new highs, the MSCI Asia-Pacific Index hitting record levels, and the US dollar index weakening significantly, these typically supportive factors for crypto assets have failed to bring about corresponding gains for Bitcoin and Ethereum. Market observers point out that cryptocurrencies have gradually evolved into purely high-volatility instruments rather than safe-haven assets. When global risk sentiment rises, investors tend to buy crypto assets; when risk appetite declines, crypto assets are among the first to be sold off. This characteristic makes the performance of crypto markets sharply contrast with traditional safe-haven assets like gold and the US dollar.

The Aftermath of Liquidation Events and Lack of Momentum

Earlier this week, Bitcoin fell below $98,000, triggering over $1 billion in large-scale liquidations. Although the price was subsequently supported, the market still lacks genuine recovery momentum. Data shows that most mainstream cryptocurrencies have declined by 7%-12% over the past seven days, indicating that market sentiment remains fragile and participants are severely uncertain about future prospects. Vanny Tsai, Operations Director of Synfutures, stated in an interview: “Cryptocurrencies are still traded with high volatility multipliers rather than as safe-haven assets. While liquidation events have removed excessive leverage, policy uncertainty, financing costs, and the lack of regulatory safeguards make investors cautious rather than optimistic.”

Macro Background and Market Psychology Tug-of-War

Although a weakening dollar usually supports Bitcoin, the effectiveness of this traditional relationship continues to diminish. When investors focus more on cash flow, real yields, or transparency of assets, assets like Bitcoin, which have no cash flow or yield commitments, are often overlooked. The rebound in Asian stock markets and the decline of the dollar provide strong support for emerging markets and commodities such as oil and gold—gold prices even surged to over $5,500 per ounce, and market sentiment indicators show extreme optimism towards precious metals. In contrast, cryptocurrencies lack this macro support resonance, leading investors to prefer physical gold over Bitcoin as a store of value.

Market Waiting for Clear Directional Signals

Currently, the Bitcoin market is in a wait-and-see mode. Although Asian stock markets are reaching new highs, financing conditions are improving, and the dollar continues to weaken, these factors lack enough conviction to sustain a rally in crypto assets. Market participants are now waiting for clear signals from several key areas: the subsequent performance of stock markets, central bank and government policy directions, and changes in crypto market financing costs. As the US trading session approaches, the key focus will be whether the global stock rebound can provide a positive push for cryptocurrencies or if Bitcoin will remain trapped below $90,000 until market confidence gradually recovers.

Divergence in NFT and Digital Assets

It is worth noting that not all digital assets are facing the same predicament. Mainstream NFT projects like Pudgy Penguins have shown a different trajectory from the overall crypto market, making significant progress in retail, gaming, and community expansion (over $13 million in retail sales, more than 1 million items sold, over 5 million game downloads). This indicates that, with proper strategic execution, the digital asset ecosystem still has growth potential. However, the success of such projects often stems from their integration of Web3 with mainstream consumer markets rather than pure price speculation.

Outlook: When Will the Missing Momentum Return?

The current crypto market lacks a clear upward momentum—both from macroeconomic support and from market participant confidence. In the coming days, investors should closely monitor several key indicators: whether US stock markets continue to rise, capital flows into emerging markets, changes in financing rates, and any new policy developments. Whether Bitcoin can regain the $90,000 level and advance toward higher targets depends on whether this momentum can gradually gather and form a consensus.