BTC Price in USD Faces Stubborn Resistance at $90K Amid Subdued Holiday Liquidity

Bitcoin’s recent price action around the $90,000 level has been characterized by volatile swings and failed breakout attempts during the low-volume holiday trading period. As of late January 2026, BTC price in USD currently trades at $88.22K, reflecting the ongoing consolidation near psychological resistance levels. With 24-hour trading volume at $1.05 billion and a circulating supply of nearly 20 million tokens, the market continues to show signs of hesitation despite bullish long-term fundamentals. The cryptocurrency’s market capitalization stands at approximately $1.76 trillion, underscoring Bitcoin’s dominant position in global digital asset markets.

Over the past month, BTC price in USD has repeatedly tested the $90,000 threshold without establishing sustained upside momentum. The 24-hour high reached $88.86K, keeping Bitcoin roughly 2% below its recent peak, a far cry from the rally that briefly touched $90,230 earlier this month. Traders and market analysts point to the structural aftermath of last Friday’s record options expiry as a key factor dampening near-term momentum, with participation levels notably below what would be required for a decisive directional move.

Options Expiry Reshapes Market Gamma Dynamics

The record options expiry marked a significant inflection point in how market makers and dealers are positioning their hedges. Prior to the event, major dealers maintained long gamma exposure, but the expiry event reversed this positioning—dealers are now short gamma to the upside. This structural shift carries important implications for BTC price volatility. When prices rise in a short gamma regime, dealers must hedge by purchasing spot bitcoin or short-dated call options to remain neutral. This forced buying can amplify upward price moves and create self-reinforcing feedback loops during rallies.

QCP Capital highlighted that open interest fell nearly 50% immediately following the expiry, indicating that a substantial cohort of traders retreated to the sidelines. This withdrawal of speculative participation explains why recent attempts to push higher have lacked the conviction needed for a sustained breakthrough. The perpetual funding rate on Deribit, a major derivatives exchange, climbed to over 30% post-expiry, up sharply from near-neutral levels. Elevated funding rates signal crowded long positioning and increase the cost of maintaining bullish exposure—a warning sign for extended rallies built on thin foundations.

During the latest push toward $90,000, heavy volume appeared in BTC-2JAN26-94K call options, suggesting traders are positioning for potential upside extension. According to QCP Capital, a decisive move above $94,000 could trigger gamma-driven buying that propels prices higher. However, the firm warned that such a breakout would require genuine spot market demand rather than just derivatives-driven speculation. Without underlying buying interest from institutions and long-term holders, any rallies risk fizzling quickly.

Macro Tailwinds Support Bitcoin’s Long-Term Thesis

The broader macro backdrop has added volatility to Bitcoin’s near-term trading, though longer-term fundamentals remain supportive. Earlier this month, Bitcoin’s push toward $90,000 coincided with a spike in geopolitical tensions and renewed attacks on energy infrastructure in Russia and Ukraine. These tensions drove oil prices higher, reigniting inflation concerns across global markets and paradoxically supporting BTC price momentum as a perceived hedge against monetary and fiscal uncertainty.

U.S. fiscal imbalances continue to strengthen the case for Bitcoin as a store of value. National debt has climbed to approximately $37.65 trillion, according to official government data, a figure that underscores the structural challenges facing traditional fiat currencies. Bitcoin’s fixed supply of 21 million coins stands in stark contrast to unlimited monetary expansion, making the case for digital scarcity increasingly compelling for long-term investors. The recent surge in U.S. debt-to-GDP ratios has reinvigorated the bull thesis among institutional players who view Bitcoin as portfolio insurance against currency debasement.

Technical Roadmap: Path to $100K+ or Breakdown Risk

From a technical perspective, Bitcoin’s price action continues to trace a broadening wedge pattern, with the market repeatedly defending lower support levels. This pattern suggests that downside momentum is weakening, providing a foundation for potential upside continuation if bulls can overcome resistance barriers. The critical near-term objective is breaking above $91,400, followed by the more significant $94,000 resistance level. A weekly close above $94,000 would likely open the door to a test of $101,000, with potential extensions toward $108,000 if momentum sustains.

However, the downside risks deserve equal attention. The $84,000 level remains the critical support zone—a breakdown there would target the $72,000–$68,000 band, with further losses possible if that support crumbles. Given the thin liquidity conditions persisting through the holiday season, large options expiries clustered near the $100,000 level could exert outsized influence on price action in the coming weeks.

Overall market sentiment remains cautious. While bulls have demonstrated resilience by defending support levels, confirmation of a breakout above $94,000 is needed before declaring an end to the consolidation phase. BTC price traders should monitor both the options flow near $100,000 and the broader macro backdrop—any easing of geopolitical tensions could remove a key near-term tailwind, while a deterioration in traditional financial markets might accelerate Bitcoin’s defensive appeal.