Bitcoin Slides Under $90,000 on January 20, 2026 as Leverage Unwinds

On January 20, 2026, Bitcoin dropped below the $90,000 mark after repeatedly failing to break through a key resistance band. The decline has coincided with heavy derivatives positioning, a clear reduction in open interest, and a wave of long liquidations that pushed the price into a lower trading range. While the move has sparked debate over whether it marks deeper weakness or a structural reset, current market data points more toward controlled deleveraging than a disorderly sell-off.