The market on January 21, 2026, is indeed a bit embarrassing. Bitcoin has been declining all day yesterday, only rebounding slightly around 87,800, but this rebound was not very strong. What's even more frustrating is that the key support levels at 92,240 and 89,000, which were originally considered solid, have all been broken, and the downtrend is basically inevitable.

The performance of other assets is also quite interesting. Gold broke through 4,800 directly, with some institutions eyeing 4,826 and even 4,976, and there are long-term voices suggesting it could reach 10,000. Silver is even more aggressive, with hardly any correction; it hit a high of 95.8 yesterday, with a monitoring point at 87.59, and a target of 99.12. The most notable thing is the gap down in the US stock market, with foreign capital starting to withdraw, all flocking to gold, which is highly consistent with Bitcoin's trend.

From the emotional perspective, the Fear and Greed Index is only 25, firmly in the fear zone. Market data is more straightforward — in recent hours, the number of short positions has surpassed longs. Bitcoin's short liquidations are stuck around 91,800 (maximum 8M volume) and 93,800 (maximum 3M volume), while Ethereum's short liquidations are near 3,111 and 3,200.

The opinions of various analysts are quite divided. Tiafiro directly judged that this upward trend has ended; after the 89,900 target was broken, the market framework shifted, and lower lows appeared, indicating a reversal signal. Arthur, on the other hand, believes there is still a chance, expecting a correction to 87,000-87,500 (2-hour NPOC zone), thinking that might be the bottom, with a rebound possibly reaching 94,000-95,000. Liu Yudong is more pessimistic from a wave theory perspective — the bulls have already failed (breaking 90,852), and he says altcoins need to completely reset to zero before the market can improve — currently, most altcoins have already fallen 99%.