Bitcoin (BTC) is trading near $90,000 on January 28, 2026, after a few volatile sessions that have made some traders uneasy.
ETF analyst Eric Balchunas pointed out that BTC has gained roughly 429% since 2022, surpassing silver’s 350%, gold’s 177%, and the Nasdaq-100’s 140%. He explained that the recent slowdown is mostly the market catching up after prices surged ahead of the spot Bitcoin ETF adoption story, not a flaw in Bitcoin’s long-term outlook.
“People focus on one red candle and forget the bigger picture,” Balchunas wrote on X, highlighting Bitcoin’s dominance before and after BlackRock filed for a spot BTC ETF in 2023.
Despite short-term pullbacks below $90,000 and resistance near $92,000, broader risk-off factors like U.S. monetary uncertainty and derivatives liquidations are weighing on BTC. Balchunas emphasized that ongoing narratives — debt growth, currency debasement, and gradual institutional adoption — still support long-term confidence.
Zooming out, analysts argue that the current lull is a natural pause after an aggressive run, not a breakdown. Bitcoin’s dominance of around 57% also shows altcoins have not meaningfully outperformed during this period.
