Here are key levels to watch as bitcoin plunges to $84,000

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Here are key levels to watch as bitcoin plunges to $84,000 While precious metals and stocks bounce from their worst levels of the session, crypto remains near the day's low. By Krisztian Sandor , James Van Straten , Helene Braun | Edited by Stephen Alpher Jan 29, 2026, 4:56 p.m. Make us preferred on Google Where is the bottom (Shutterstock) What to know : Bitcoin's tumble back to the $84,000 area prompted more than $650 million in liquidations across the crypto market. While gold and stocks have bounced off their worst levels of the session, crypto remains at the day’s lows, prompting questions about how low the price could go. A funding indicator suggested a temporary bottom could be near, while one analyst suggested a turnaround may not come until the Fed gets far looser with monetary policy. Bitcoin's BTC $ 84,831.41 fast tumble back to $84,000 during U.S. morning hours Thursday came alongside equally speedy declines in stocks and precious metals. But while stocks, gold and silver have since bounced off their worst levels, crypto remains near its session lows, with BTC, ether ETH $ 2,816.21 , XRP XRP $ 1.8120 , and solana SOL $ 118.09 all down 5%-7% over the last 24 hours. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . "Everything from weak earnings results to worries around Iran and government shutdown are causing a broad-based selloff," said Joshua Lim, global co-head of markets at prime brokerage FalconX. "It's triggering a bigger unwind across consensus hedge fund and commodity trading advisors positions in metals and equities." "And crypto also taking some pain from the general risk-off sentiment," he added. It's triggering a bigger unwind across consensus hedge fund and CTA positions in metals and equities. And crypto also taking some pain from the general risk-off sentiment. The Thursday selloff triggered over $650 million in liquidations of bullish leveraged positions betting on higher prices across all crypto assets, according to data from CoinGlass, the second-most-violent flush over the past month. Funding rates suggest bottom forming Perpetual swap funding rates — a key gauge of market froth — have now turned bearish across major tokens, including for ETH, SOL and XRP. In perpetual futures contracts, which do ot have expiry dates, funding rates are periodic payments exchanged between traders based on the difference between the perpetual contract price and the spot price. When funding turns negative, it means short sellers (those betting on lower prices) are paying longs (those betting on a rebound) to maintain their positions — signaling that the majority of traders are leaning bearish. Historically, persistent negative funding rates have often preceded short-term bottoms as overly crowded short positions become vulnerable to sudden price reversals. Perp funding rates (CoinGlass) Some key levels U.S. spot bitcoin ETF buyers have an aggregate cost basis near $84,099, only barely below the current price of $84,400. Meanwhile, the True Market Mean Price, a long-term fair value derived from Investor Cap divided by Active Supply, sits just above $80,000. That $80,000 closely matches the November 2025 low, making it a key structural support zone and potential mean-reversion point. A sustained break below $80,000, however, would likely open the door to a retest of April 2025 levels, when bitcoin briefly fell to around $76,000 amid the selloff triggered by President Donald Trump’s tariff drive. How bad is it and what could turn things around January isn't over yet, but bitcoin is on track to post its fourth consecutive monthly loss — highly notable given that BTC wasn’t down four straight months even amid its 80% tumble during the crypto winter of 2022. One would have to go back to 2019 to find a streak of four consecutive lower monthly candles for bitcoin. “The equity market has been all about the AI infra trade that is supported by deregulation and tax benefits that kick in this year,” sasaid Mark Connors, chief investment officer at Risk Dimensions. “This has overshadowed BTC, that and the standard gold lead BTC pattern we saw in 2020. I believe BTC will not take its next leg higher until we have a ‘print’ by the US.” Bitcoin News Breaking News top news More For You Pudgy Penguins: A New Blueprint for Tokenized Culture By CoinDesk Research Dec 30, 2025 Commissioned by Pudgy Penguins Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale. What to know : Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token. The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility. View Full Report More For You Bitcoin tumbles to 2026 low of $85,200 as gold reverses big gains, Microsoft leads Nasdaq lower By Krisztian Sandor | Edited by Stephen Alpher 1 hour ago Soaring to $5,600 at one point earlier on Thursday, gold quickly pulled back to below the $5,200 level in U.S. morning trade. What to know : Already sitting on overnight losses, bitcoin's decline accelerated in U.S. morning trade, with the price falling back to $85,200, a new low for 2026. The quick selloff came amid a reversal in gold’s breathtaking rally, which had sent the yellow metal soaring above $5,600 at one point Thursday before quickly falling back to $5,200. The Nasdaq was also sharply lower, falling 1.5%, as Microsoft declined more than 11% following its fourth-quarter earnings report. 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