Bitcoin has been consolidating around the $90k area in January, struggling to break above the $94.5k resistance while trading between $89.3k and $91k. Over the same period, Open Interest climbed from $54.62 billion to $62.14 billion before stalling, and long positions have seen hundreds of millions of dollars in liquidations. Spot ETF products also registered $1.128 billion in outflows since 06 January, keeping crypto longs cautious despite short-term bounces.

On 10 January 2026, on-chain metrics indicated that Bitcoin addresses holding more than 100 BTC climbed to a new all-time high while the spot price hovered around $90,000. Large holders continued to build exposure during this consolidation phase, with daily trading volume near $40 billion and circulating supply just under 20 million BTC, pointing to constrained supply and long-term positioning.

VanEck set a base-case path for Bitcoin to reach $2.9 million per coin by 2050, versus a bear case of $130k and a bull case of $53.4 million. Matthew Sigel linked the target to BTC's potential roles in trade settlement and central bank reserves, while near-term action centers on defending the $90k area.

At the start of 2026, Bitcoin rebounded toward its weekly range high, reaching $94,800 amid improving sentiment and trading activity. After failing to hold above $95,000, the price is retesting support around the 20-day moving average near $89,400, while technical levels and liquidation clusters suggest another futures-led push toward $95,000 and possibly $101,500. Recent data also show nearly $1.1 billion in futures buy volume accompanying the Jan. 5 rally, triggering about $100 million in short liquidations on the BTC/USDT pair at Binance.

On January 8, 2026, engineer David said Bitcoin's miner energy floor is $93,000, with full-cycle break-even near $96,000. He noted roughly $1.2 billion flowed into spot ETFs this week while miner hedging compressed price around $90,000–$96,000. Hedge strength sits near 100% at the year's start and is projected to drop toward ~43% by late January.

On-chain data analysis shows Bitcoin long-term holders sold nearly $300 billion of BTC in 2025, including a notable 30-day spike between November 15 and December 14. Since December, LTH supply has stabilized near 13.6 million BTC and the LTH/STH ratio fell to roughly -0.53, conditions that have historically preceded base-building and later rallies.

Bitcoin is trading around $90,000 in a tight band after three consecutive days of spot ETF outflows exceeding $1 billion. The range between $88,000 and $95,000 frames near‑term support and resistance, with $100,000 watched for a breakout. Low volatility resembles the consolidation seen before the 2025 rally.

Bitcoin's mining difficulty began to decline in early January 2026, coinciding with BTC trading near $91,000 and below $100,000. According to on-chain analyst Darkfost on January 9, the adjustment includes a roughly 2.6% drop with about 1.88% more expected, potentially easing miner sell pressure and helping stabilize market conditions during consolidation.