Stock Trading Jam Today Pushes Bitcoin Momentum Below $90,000, ETH and SOL Also Plummet

Bitcoin continues to struggle to maintain momentum above the psychological level of $90,000 during today’s trading hours, as massive sell-offs triggered by liquidations at the start of the week still impact the crypto market sentiment. BTC price movements reflect a complex market dynamic, where major cryptocurrencies lag behind the rally seen in traditional equity markets and other defensive assets.

According to the latest data as of January 29, 2026, Bitcoin is trading at $88.02K, down 1.47% in the last 24 hours. Ethereum has fallen further to $2.94K (-2.55%), while major altcoins like Solana reach $123.05 (-3.26%), Cardano $0.35 (-3.46%), and XRP $1.87 (-2.70%). This simultaneous decline indicates that crypto is still viewed as an asset following global risk appetite rather than as a balancing instrument in a portfolio.

Bitcoin Momentum Halted Despite Strong Dollar and Asian Stock Markets

During today’s trading hours, investors face a contradictory phenomenon: while Asian stock indices hit all-time highs with the MSCI Asia Pacific continuing its upward momentum, and the US dollar remains weak after a sharp decline at the start of the week, major cryptocurrencies have failed to capitalize on these conditions for a significant rebound.

Bitcoin briefly corrected below $80,000 earlier this week when over $1 billion in liquidations occurred. Since then, BTC price has been dominated more by lateral consolidation than a clear uptrend following the failed extension of momentum. This situation reflects market skepticism about the sustainability of the price increase, even though global macroeconomic conditions show moderate improvement with a weakening dollar that should benefit cryptocurrency assets.

Altcoins Lag Behind Traditional Market Rally

Ethereum, Solana, Cardano, and XRP experienced heavier selling pressure compared to Bitcoin, with most large-cap tokens declining between 7% and 12% over the past week. This pattern indicates increasing fragility in the crypto sentiment, even as macro environments provide positive signals from dollar stabilization and rising emerging market equities.

Traders note that today’s trading activity does not fully translate into buying actions in the crypto market, indicating a disconnection between the two ecosystems. Risk aversion still dominates capital flows toward crypto assets despite improving global liquidity conditions.

Crypto Still Treated as a High-Volatility Instrument, Not a Defensive Asset

According to Wenny Cai, COO of Synfutures, market dynamics reflect an unchanged perception: “Crypto is still traded as a volatility enhancer rather than a defensive asset. Massive liquidations have cleared excessive leverage, but uncertainty around policies, funding costs, and regulations makes investors more selective than aggressive.”

This observation aligns with market behavior showing that crypto reacts more sensitively to changes in the dollar, bonds, and equity markets than to specific developments within the blockchain ecosystem itself. The historically positive correlation between a weak dollar and Bitcoin’s rise is not consistent when investors prefer assets with clearer cash flows or yields.

Onchain Indicators Show Significant Pressure at Critical Levels

Onchain data reveal several key facts about the current market structure. About 63% of invested Bitcoin wealth has a cost basis above $88,000, creating a strong psychological resistance zone. Additionally, analysis shows a high concentration of supply between $85,000 and $90,000, combined with thin support below $80,000—an setup indicating high volatility potential if Bitcoin fails to hold the support level.

This pattern explains why Bitcoin struggles to build positive momentum. When most holders have an average cost higher than the current price, natural profit-taking pressure arises, especially when any negative catalyst occurs—such as the massive liquidation last week.

Outlook: Waiting for Clearer Signals from the Stock Market and Policy

In the coming period, crypto seems to remain trapped in a waiting pattern. Traders will closely monitor whether sustained strength in the stock market and a weaker dollar will eventually push Bitcoin beyond $90,000, or whether cryptocurrencies will stay locked below that level as investor confidence gradually rebuilds after the early 2026 volatility.

Important signals will come from today’s trading hours and upcoming sessions on US exchanges, where institutional investors make larger asset allocation decisions. Until then, the status quo—Bitcoin below $90,000, altcoins declining, and fragile sentiment—likely will persist amid ongoing uncertainty around regulation, funding costs, and the global macroeconomic trajectory.