Bitcoin fell 6.4% to an intraday low of $83,383 on January 29, 2026, its lowest level in more than two months, as Bitcoin spot ETFs logged over $1.1 billion in weekly outflows and traders repositioned for further downside amid tariff tensions on rare earths and Federal Reserve uncertainty. Daily trading volume surged to roughly $48-49 billion as the sell-off accelerated, signaling forced liquidations and rapid unwinding of leveraged positions. Bitcoin’s total market capitalization slid to about $1.69-1.72 trillion, down roughly 4-5% on the day.
The decline triggered a liquidation cascade totaling about $319.25 million across major cryptocurrency assets, with the vast majority of liquidations stemming from long positions. Around 97% of expiring Bitcoin call options were out-of-the-money, underscoring a material shift in market sentiment.
ETF outflows were heavily concentrated in a small group of products, with five consecutive trading days of net outflows totaling $1.1374 billion—the heaviest weekly exodus since early January—primarily in Fidelity FBTC, Grayscale GBTC, and BlackRock IBIT. That concentration suggests institutional repositioning rather than broad retail panic.
Analysts highlighted a rotate-into-safekeeping trend, noting gold traded above $5,600 per ounce and silver near $120 per ounce as capital moved away from risk assets; Bitcoin has fallen roughly 33% from its October peak near $126,000. The rare-earth tariff headlines also added to the volatility surrounding the crypto market.
Federal Reserve officials kept rates at 3.50%-3.75% and offered limited guidance on future cuts, reinforcing a cautious stance that dampened appetite for risk assets. The options market reflected a bearish tilt, with roughly $9 billion of Bitcoin options expiring on January 30 and about half of put options in the money, while February’s $105,000 calls emerged as one of the most actively traded Deribit contracts, signaling hedging or expectations of further downside.
From a technical standpoint, Bitcoin is testing the lower boundary of a long-running consolidation, trading around the $83,000 level. The RSI is approaching 35 and MACD has a bearish crossover, while the price sits roughly 20% below the 200-day moving average, suggesting room for further declines unless early buying pressure returns. Key supports lie near $79,000-80,000, with major support around $74,000, while resistance is cited near $91,000 and the 23.6% Fibonacci retracement near $83k-84k. Analysts warn of a primary bearish target near $74,000 and a further ultra-bearish target around $52,000 if weakness persists; reclaiming the 200-day EMA would be necessary to shift the trajectory toward an uptrend.
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