January 21 News, after a sharp sell-off triggered by macro shocks in the previous trading day, the cryptocurrency market showed signs of technical stabilization on Wednesday. Bitcoin’s price rebounded to near the $90,000 level, and the major altcoins’ declines significantly narrowed. During the Asian and European trading sessions, Bitcoin briefly stabilized around $89,600. Although the gains were limited, it clearly moved away from the lows formed under risk-averse sentiment on Tuesday, indicating that some short-term funds are beginning to flow back into risk assets.
Ethereum rebounded slightly after a single-day decline of over 4%, while Solana, Cardano, and XRP also stabilized in tandem. This performance echoed the easing trend seen in global bond markets. Japanese government bonds experienced a rebound after earlier sell-offs this week, with ultra-long-term yields quickly falling back after official calls for market rationality, providing some buffer for global liquidity expectations. Meanwhile, US stock index futures modestly rose, indicating that the panic triggered by rate and geopolitical uncertainties is cooling down.
However, cautious sentiment in the crypto market has not completely dissipated. Trump is scheduled to deliver a special speech at 2:30 PM local time at the World Economic Forum in Davos and will meet with leaders from multiple European countries. His comments on Greenland and tariffs on European countries remain key variables influencing market sentiment. Previously, these remarks, combined with soaring bond yields, prompted funds to withdraw from high-volatility assets like Bitcoin and shift into defensive assets such as gold and silver, both of which have recently hit new all-time highs.
Currently, Bitcoin’s rebound appears more like a short-term correction after forced deleveraging rather than a complete return to risk appetite. On-chain and trading data from Gate also show that, despite some easing of selling pressure, large-scale chasing of gains has not yet resumed. Traders generally prefer to stay on the sidelines ahead of Trump’s Davos speech, waiting for clearer macro signals. If geopolitical and rate pressures further ease, Bitcoin may attempt to re-establish itself above $90,000; otherwise, the market could test lower support levels again.
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