TL;DR
- BTC fell from $95,467 to $92,263 in 24 hours and traded near $92,973, keeping the market stuck between range and risk-off.
- John Glover says Wave IV could target $71,000 to $84,000, with $104,000 and $80,000 as key decision levels for the next move.
- Nic Puckrin sees support near $88,000 and warns a close below $90,000 could prompt ETF selling after the U.S. holiday; Hasn flags PCE, Davos, and BOJ risks.
Bitcoin’s sideways grind looked less comfortable on Monday as analysts flagged a higher probability of another leg down before any fresh upside, for risk managers. Over the past 24 hours, BTC slid from an intraday high of $95,467 to a low of $92,263, and was near $92,973 in Monday afternoon UTC trading, while still up 2.6% on the week and 5.4% on the month. Last week’s bounce faded over the weekend, and the week opened as geopolitics re-priced risk across crypto. The market is being asked to choose between range discipline and deeper risk-off pain.
No better way to start the week than a tariff induced crypto crash.
US markets closed today so investors are expressing their macro positions through BTC.
If we fall below $90k before market open tomorrow, ETF holders may also start dumping. pic.twitter.com/6I1758isOC
— Nic (@nicrypto) January 19, 2026
Wave Counts, Support Levels, and the Macro Risk-Off Overlay
In an email, Ledn CIO John Glover argued the market is still in Wave IV of a bull run, with Wave V potentially next. He framed the current corrective zone between $71,000 and $84,000 and described the typical A-B-C structure that can unfold inside a pullback. The operational question, he wrote, is whether the present slide completes Wave IV or whether price follows a lower path toward $71,000 first. This framework turns the chart into a decision tree with clear triggers rather than a single prediction. In Glover’s setup, $104,000 and $80,000 are key lines.
Nic Puckrin, co-founder of Coin Bureau, said BTC broke below $94,000, the January breakout trend line, with tariff news and geopolitics driving the sell-off. He sees stronger support around $88,000 and described the bounce back above $93,000 as minor. Because U.S. markets were closed for a federal holiday, he argued macro views were being expressed through BTC, and a daily close below $90,000 could deepen losses. His warning is that if that level gives way, ETF holders could start exiting when U.S. markets reopen Tuesday. He added altcoins bleed as metals surge amid Greenland fears.
Samer Hasn of XS.com framed the dip as profit-taking plus a risk-off pivot tied to U.S. political risk and broader trade tensions. He pointed to an investigation into Fed Chair Jerome Powell and a stalled confirmation of the next central bank head, which he said has paralyzed the transition. He also flagged upcoming U.S. PCE inflation data and the World Economic Forum in Davos as potential catalysts, while warning that Bank of Japan hawkishness could squeeze liquidity. His bottom line is that price action is shifting from fundamentals to geopolitical theater, keeping downside risks alive.
