$BTC Bitcoin just pulled a classic 2026 plot twist: after kicking off the year with some promising pumps (up to ~12% at one point), BTC has officially erased every single gain from January 1 onward. As of today, January 22, 2026, Bitcoin is hovering around $89,000-$90,000 (with recent ticks showing ~$89,800-$90,000 on major trackers), leaving it flat-to-slightly negative for the year so far.
The vibe? Pure crypto rollercoaster energy. Here's the full breakdown on why Bitcoin wiped the slate clean and when the next real moonshot might actually happen.
What Triggered the 2026 Gains Wipeout?
Markets kicked off 2026 full of hope after Bitcoin's epic 2025 run (peaking near $120K). Early-year momentum looked solid... until it wasn't.
Key culprits:
Geopolitical drama -- President Trump's headline-grabbing talk of the U.S. "buying" Greenland sparked uncertainty and risk-off sentiment across assets.
Macro pressures -- Expectations for Fed interest rate cuts have softened the dollar, but instead of boosting risk assets like crypto, investors are rotating into safer havens (gold just hit fresh all-time highs around $4,750 in related flows).
ETF exodus -- A massive $490 million outflow from U.S.-listed Bitcoin ETFs in a single day screamed "weakening confidence."
Broader market fear -- The crypto Fear & Greed Index is sitting at a grim 24 (Extreme Fear), with only 47% green days in the last 30 and ~3% volatility.
Result? Bitcoin dumped hard, briefly touching around $87,000 earlier this week before bouncing back modestly. It's now testing nerves below the psychological $90K level.
Technical Picture: Support Zones in Focus
Analysts are eyeing a potential dip toward major support:
$80,000-$84,000 The next big test zone if selling pressure continues amid volatility.
Bearish sentiment dominates short-term charts, but remember: extreme fear often marks bottoms in crypto cycles.
When Will BTC Truly Rally? The Bull Case Outlook
Not all hope is lost some forecasts see a rebound brewing fast.
CoinCodex's latest projection calls for Bitcoin to climb ~15% and hit $103,952 by February 21, 2026. That would put BTC back in rally territory and closer to reclaiming 2025 highs.
Positive catalysts on the horizon:
Trump's pro-crypto rhetoric (including promises of new market structure legislation "very soon") could spark renewed institutional FOMO if macro fears ease.
Historical post-halving cycles (we're still in the 2024 halving bull window) suggest big moves often come after early-year shakeouts.
If $80K-$84K holds as support, a bounce could ignite the next leg up toward $100K+.
Bitcoin's "wipeout" is loud, painful, and very on-brand for crypto. But these brutal resets have historically preceded explosive rallies especially when fear hits extreme levels and big-picture tailwinds (regulatory clarity, institutional adoption) remain intact.
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