Bitcoin Holds $90K; Rally Fizzles Despite Easing Tension

Key Moments

Bitcoin Stalls Despite Geopolitical Relief

Bitcoin inched higher on Thursday but met stiff resistance near the $90,000 mark, even as signs of easing geopolitical tensions surrounding U.S. demands for Greenland offered some support to risk assets.

By 01:19 ET (06:19 GMT), Bitcoin was essentially unchanged at $90,001.7, reflecting a muted response compared with the sharp moves seen in other asset classes.

Trump-Greenland Developments Offer Only Brief Support

The token had surged on Wednesday after U.S. President Donald Trump stated he will not impose tariffs against Europe over his demands for Greenland and indicated that a framework deal on the matter had been reached.

However, those gains proved short-lived. The largest cryptocurrency slipped back below $90,000 soon after, even as broader risk assets advanced and traditional safe havens such as gold declined.

$BTC just snapped the $90K floor! 📉 Are we looking at a bear trap or a deeper flush? pic.twitter.com/P9XTkjXFyx

— Token Talk (@TokenTalk3x) January 22, 2026

Lingering Pressure on Crypto Market Sentiment

Cryptocurrencies continued to lag the upswing in global equities, with technology stocks – typically influential for crypto sentiment – logging comparatively larger advances. Crypto markets remained out of favor with many retail investors following a flash-crash through late-2025 that weighed heavily on confidence in the asset class.

Investor caution was also tied to concerns over potential selling from crypto treasury holders. Ongoing weakness in Bitcoin prices raised worries that heavily leveraged treasuries could face challenges in servicing their debt, potentially adding further selling pressure.

Strategy Inc’s (NASDAQ:MSTR) recent disclosure of a $2.13 billion Bitcoin purchase did little to bolster sentiment this week. Data from Coinglass showed that Bitcoin continued to trade at a discount in U.S. markets.

Regulatory uncertainty also lingered. A delay in a key U.S. crypto regulatory bill earlier this month added to the cautious tone across the digital asset space.

BitGo’s IPO Highlights Investor Appetite for Crypto Equities

In primary markets, crypto custody firm BitGo priced its U.S. initial public offering on Wednesday above the indicated range, raising $212.8 million.

The offering valued the company at nearly $2 billion, signaling that demand for crypto-linked equities remained robust after a strong 2025 for the segment.

BitGo’s pricing and its market debut on Thursday were seen as a potential benchmark for other crypto businesses eyeing public listings this year. Reports indicated that asset manager Grayscale and crypto exchange Kraken were considering IPOs in 2026.

Altcoins Edge Higher but Trim Gains

Across the broader crypto complex, prices advanced on Thursday but surrendered a significant portion of early strength. Many altcoins were still working through losses accumulated in recent weeks.

Among memecoins, Dogecoin gained 1.3%, while $TRUMP slipped 0.2% after breaking below a key $5 support level this week.