Mumbai, January 30: Bitcoin has faced a sharp downturn in early Friday trading, tumbling to USD 82,134 as of 7:17 AM IST. The leading digital asset is experiencing heightened selling pressure, marking a significant decline from the USD 89,000 stabilization zone observed mid-week. This latest slide follows a "Black Thursday" in global markets, where a tech-led sell-off in U.S. equities and a surprise correction in precious metals like gold and silver rippled through the cryptocurrency sector, triggering over 1 billion USD in leveraged liquidations.

The broader crypto market is currently reeling from a shift in investor sentiment as Bitcoin fails to maintain its "digital gold" narrative. While gold prices hit record highs earlier in the week, the recent volatility has seen both assets decline in a broad "risk-off" move. Investors are now closely monitoring the USD 80,000 support level, as the current price action represents a fresh 2026 low and a more than 30% drop from the all-time high of USD 126,272 reached in October 2025. Bitcoin Price Today, January 29, 2026: BTC Price Declines Slightly, Now Trading at USD 88,700.

Bitcoin Price and Technical Outlook

Technically, the BTC price has breached several key support levels, including its 50-day and 100-day Exponential Moving Averages (EMAs). This breakdown has turned the previous support at USD 85,000 into a daunting resistance zone. Analysts suggest that the immediate decline is being compounded by a massive options expiry today, involving approximately 8.3 billion USD in Bitcoin contracts, which often leads to "max pain" scenarios and price pinning near lower strikes.

In the Indian market, the BTC price has mirrored the global slump, currently trading at approximately INR 68,64,316. The local sentiment remains cautious as the "Extreme Fear" index climbs, and Indian investors await the upcoming Union Budget 2026 for any potential updates on virtual digital asset (VDA) taxation. Data indicates that while some long-term "whales" are attempting to buy the dip, the sheer volume of ETF outflows—exceeding 1.1 billion USD this week—continues to weigh heavily on the market's recovery prospects.

Crypto Market and ETF Dynamics

The resurgence of institutional outflows from spot Bitcoin ETFs has fundamentally shifted the short-term trajectory for 2026. After a period of steady inflows, major funds like Fidelity’s FBTC have seen a reversal, with the market now pricing in a period of sustained deleveraging. This institutional retreat is largely attributed to macroeconomic uncertainty following the US Federal Reserve's decision to hold interest rates steady and disappointing earnings from major technology firms like Microsoft. Bitcoin Price Today, January 28, 2026: BTC Price Holds Near USD 89,000 After Volatility; Slightly Lower Than USD 89,198 High.

Bitcoin Price Prediction 2026

Looking ahead, the immediate outlook for Bitcoin remains bearish until the asset can reclaim the USD 88,000 base. Market participants are bracing for further volatility as the monthly candle close approaches, an event often referred to as an "inflection point" for the yearly trend. While long-term forecasts still suggest a potential recovery toward the USD 100,000 mark by the end of the year, the immediate focus has shifted toward preventing a deeper crash toward the USD 75,000 level.

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(The above story first appeared on LatestLY on Jan 30, 2026 07:24 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).