Bitcoin Crashes Below $90K, $600M Liquidations Hit Crypto Traders

Key Notes

• Bitcoin trades in a downtrend below the 1D50EMA indicator, briefly going below $90,000 and fighting around this level.
• Next support levels for BTC are between $84,500 and $80,500, which could be the new destination for Bitcoin, according to recent analyses.
• The current dip liquidated nearly 150,000 traders by more than $600 million and ETH leads with over $250 million liquidations. .

Bitcoin price dropped below the $90,000 psychological support while gold continues to rally at record highs. With that, more than $600 million were liquidated from crypto traders in the last 24 hours, marking the second day of significant losses.

On the price chart below, we can see Bitcoin BTC $89 652 24h volatility: 3.5% Market cap: $1.79 T Vol. 24h: $52.02 B trading at $90,180 against the US dollar, just below the 50-day exponential moving average (1D50EMA), which often indicates a level of high trading activity, either as support or resistance in a broader trend. Intraday, the leading cryptocurrency traded as low as $89,825 by the time of this writing, with further downside potential.

BTC now heads down to another relevant level between $80,500 and $84,500, and some analysts like CrypNuevo are looking at those support levels with interest for a potential liquidity run and rebound to the upside, as analyzed in a YouTube video published earlier today on Jan. 20.

Bitcoin price against the USD, as of January 20, 2026 | Source: TradingView

$600M Liquidations in 24 Hours

Moreover, today’s dip caused another series of liquidations, totaling more than $600 million in the last 24 hours—according to CoinGlass data—with Ethereum ETH $2 996 24h volatility: 6.6% Market cap: $362.11 B Vol. 24h: $30.45 B leading the charge with $250 million, followed by Bitcoin’s $187 million in liquidations. This is the second day in a row of significant liquidations, still below January 19’s nearly $900 million, as Coinspeaker reported.

Overall, nearly 150,000 cryptocurrency traders were affected by these events, with the single largest liquidation being of $6.80 million on Hyperliquid, with the ETH/USD pair. Interestingly, out of the $250 million liquidations ETH suffered, $234 million were from long positions. The same pattern repeats in the global long liquidations, summing up to $547 million of the $600 million total.

Liquidation Heatmap and Total Liquidations as of Jan. 20, 2026 | Source: CoinGlass

The market is currently reacting to macroeconomic uncertainties and capital is fleeing from risk-on assets like BTC and ETH, moving to risk-off assets like gold and silver, which continue to rally at all-time highs.

Nevertheless, Michael Saylor continues to be a contrarian signal, buying local tops and foreshadowing further Bitcoin dips. Strategy just acquired 22,305 new BTC for $2.13 billion, averaging $95,500 per coin.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.