Bitcoin up 0.33% at $88,890 amid market volatility

Bitcoin price today

• Major tokens like Ethereum, BNB, and Solana posted gains; Tether declined 0.03%
• US dollar weakness and macro trends supported Bitcoin's rebound above $89,000

Did our AI summary help?

Bitcoin fell to a low of $87,642 early on January 28 but recovered some of the losses to trade at $88,890, up 0.33 percent in the last 24 hours.

"Major tokens are extending their recovery. The rebound is being reinforced by strong institutional participation, as public companies continue to add digital assets to their balance sheets," said Akshat Siddhant, lead quant analyst, Mudrex.

According to Riya Sehgal, research analyst, Delta Exchange, from a technical lens, bitcoin must decisively break above $90,000–$91,200 to shift short-term bias upward, while support remains anchored near $87,500 and $86,000. "Until a clear macro trigger emerges, BTC is likely to trade within defined consolidation ranges, balancing recovery optimism against macro caution," she said.

Ethereum was up 1.87 percent, BNB 1.35 percent, Solana 1.83 percent, Dogecoin 1.14 percent and Cardano 0.77 perce. Tether was down 0.03 percent, XRP 0.61 percent, USDC 0.01 percent and Tron declined 0.87 percent in the past 24 hours.

"The rest of the cryptos within the top 10 are accumulating gains below their resistance, which is becoming a threshold to secure. Besides, altcoins like pippin, Hyperliquid, and Pump.fun lead the top gainers with a rise of 66.28%, 30.23,% and 15.49% respectively. River leads the losers with over 8% drop, followed by Axie Infinity and Morpho by 6.17% and 3.97%, respectively," said CoinDCX Research Team.

Here's how the price of cryptocurrencies has moved.

 Why is bitcoin up? 

"BTC edged higher, supported by a softer US dollar and improving short-term market structure. The dollar index fell to around 95.5, its weakest level in nearly four years, lowering the opportunity cost of holding risk assets and supporting BTC’s rebound from below $88K to around $89.3K. However, as liquidity builds near $90K–$92K and the Fed is expected to hold rates today, markets will also closely watch the Fed’s guidance," said CoinSwitch Markets Desk.

According to Avinash Shekhar, co-Founder & CEO, Pi42, bitcoin’s range-bound movement at around $89,000 highlights the influence of global macro developments on the crypto market. "Importantly, selling pressure has not increased materially, with prices continuing to respect key demand zones. As macro clarity improves and leveraged positions unwind, bitcoin’s ability to hold this range keeps the broader market structure intact, positioning the market for its next decisive move," he said.

What’s happening in the crypto market?

Here’s a rundown of the crypto market according to WazirX founder Nischal Shetty and CoinDCX research team:

• Over the last 24 hours, bitcoin has shown renewed strength, moving decisively above the $89,000 mark. This price action is a direct reflection of broader macroeconomic shifts.

• The US dollar has weakened to multi-year lows following comments from President Donald Trump indicating comfort with the dollar’s recent decline. Gold has surged to fresh record highs.

• There is strength across major crypto assets, showing long-term conviction in the potential and use cases of networks, with ethereum reclaiming key levels alongside Bitcoin.

• Tether is now the largest known gold hoarder outside banks and nation states, with over 140 tons worth around $23 billion stored in a Swiss nuclear bank. Besides, it has also launched USAT, a US-regulated, dollar-backed stablecoin built for the American market.

• Morgan Stanley adds a new role to push into crypto by appointing Amy Oldenburg as the head of digital asset strategy.

• Ethereum is set to come up with the ERC-8004 standard upgrade, which will enable AI agents to interact across organizations.