Bitcoin's Bumpy Ride: What's Next for the Crypto King?
Tue Jan 20 2026
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Bitcoin's recent climb above $97, 000 seems to have hit a snag. It's now trading around $93, 192, wiping out some of the gains that had traders hopeful for a big turnaround. This isn't just a Bitcoin thing; it's part of a bigger market mood swing. President Trump's new tariffs on Europe have made investors nervous, pushing them toward safer bets like gold, which just hit a new high of $4, 680 an ounce.
The overall crypto market is feeling the pinch, with a total value of $3. 15 trillion, down 2. 38% from yesterday. Over $800 million in leveraged bets were wiped out in just 24 hours. Most top cryptocurrencies are in the red, except for a few like Midnight, Quant, and Monero, which is on a roll thanks to renewed interest in privacy-focused coins.
Traders on prediction markets are a bit mixed. On Myriad, 82% are betting Bitcoin will bounce back to $100K, but 73% think it won't hit a new all-time high before July. So, they're hopeful but not overly excited.
Looking at the technical stuff, Bitcoin has been recovering since its November lows near $80, 000. It briefly shot above the Ichimoku Cloud and tested $96, 000, but now it's back below the 50-day moving average, which is around $93, 000. The golden cross—a bullish signal where the short-term average crosses above the long-term one—is still intact, but the gap is narrowing. If Bitcoin can't reclaim and hold above $95, 000 this week, that signal could be in trouble.
The Average Directional Index (ADX) is at 32. 7, which shows a strong trend is in place, but the Relative Strength Index (RSI) is neutral at 54. 1, meaning traders aren't rushing to buy or sell. Bitcoin needs to stay above $95, 000 to keep the bullish story alive. If it closes the week below $91, 000, things could get bearish again, possibly sending it back to December lows.
Key levels to watch are $98, 000 (EMA50/Cloud), $100, 000 (breakdown level), and $108, 757 (strong resistance) on the upside, and $91, 000 (immediate support) and $80, 000 (December low) on the downside.
