Bitcoin’s intraday rally on January 12, 2026 evaporated after a brief push above $92,000 in the Asian session and a test of resistance near $94,500. By European trading hours the price had retreated below $91,000, trading around $90,331.26, as profit-taking and risk aversion accelerated losses.
Early strength saw Bitcoin surge to test roughly $94,500 before sellers stepped in. The reversal represented an intraday drop of more than $1,600 from the session high and a decline of over $4,000 from the peak test. Reports put the intraday settled price near $90,331.26 after the retreat below the $91,000 level.
Liquidations played a central role in the speed of the decline. A rejection at roughly $94,500 reportedly triggered about $449 million in liquidations, while the subsequent move below $91,000 generated an additional roughly $135 million of long liquidations. That cascade of forced closures amplified downside momentum, demonstrating the outsized impact of leverage in short timeframes.
Sentiment and wider context for Bitcoin
Market participants moved toward traditional safe havens as geopolitical friction — highlighted in market commentary around exchanges between Federal Reserve Chair Jerome Powell and President Donald Trump — heightened uncertainty. Gold and silver held strength and reached fresh peaks, reflecting a broader risk-off stance. The crypto Fear & Greed gauge fell into ‘Fear’ or ‘Extreme Fear’ territory, mirroring the shift in trader positioning.
During the Asian trading session, Bitcoin pushed higher and tested resistance near the $94,500 level, but the move was firmly rejected. That rejection triggered a wave of forced selling, with estimated liquidations totaling around $449 million as overleveraged long positions were unwound at the session high.
As trading transitioned into the European session, price momentum weakened further, with Bitcoin sliding below $91,000 and eventually settling near $90,331.26. This continuation to the downside prompted an additional ~$135 million in long liquidations, reinforcing the view that the pullback was driven largely by leverage flush rather than a shift in broader market structure.
Investors and traders will now watch whether the roughly $90,000 area holds as a support band; if it fails, further deleveraging and increased funding-rate pressure could deepen losses, while a stabilization would ease liquidation risk and allow buyers to rebuild positions.
