$BTC Bitcoin is currently trading in the $84,000 – $85,000 range, following a sharp sell-off that erased nearly all its gains from earlier in the week.
Latest Price Action & Key Updates
• The "Sell the News" Flush: Bitcoin hit a weekly high of $90,400 on Wednesday (Jan 28) following the Federal Reserve's meeting. However, after the Fed decided to hold interest rates steady at 3.50%–3.75% without signaling immediate cuts, the market reacted with a sharp reversal, dropping to a low of $83,156.
• Macro Headwinds: The price drop is being attributed to a broader retreat from "risk-on" assets. Factors include lingering fears of a U.S. government shutdown and extreme volatility in the precious metals market, where gold recently hit a record $5,600 before crashing $400 in minutes.
• Institutional Activity: * ETF Outflows: Bitcoin spot ETFs saw roughly $160 million in net outflows this week, signaling a temporary cooling of institutional appetite.
• MicroStrategy Buy: Despite the dip, MicroStrategy announced it purchased an additional 2,932 BTC for approximately $264 million at an average price of **$90,061**, bringing their total holdings to over 712,000 BTC.
• Technical Levels: Analysts are watching the $84,000 support level closely. If Bitcoin fails to hold this floor, the next major support zones are cited at $80,000 and $75,000.