- The bullish trend for Bitcoin remains intact, but another test of support near $90,000 threatens that outlook.
- The recent price move coincided with a whale transferring roughly $84 million worth of BTC that had been dormant for 12 years.
- Global stocks and crypto faced fresh downward pressure amid escalating trade tensions between the United States and the European Union.
Bitcoin prices slipped back toward support below $92,000 on Tuesday morning after a sudden whale movement stirred market sentiment. The transfer involved more than 900 BTC—about $84 million—that had been inactive for over a decade.
Downward pressure on the cryptocurrency came alongside broad market jitters, largely driven by rising trade tensions between the U.S. and the EU centered on Greenland.
BTC was also weighed down by higher U.S. Treasury yields.
Bitcoin whale moves coins dormant for more than 12 years
Blockchain tracker Lookonchain reported that an old wallet labeled “1A2hq…pZGZm” moved 909 BTC to a new address “bc1qk…sxaeh”—the first movement from that wallet in 12 years.
The coins were originally received in 2013, when Bitcoin traded for less than $7. The stash is now worth over $84 million.
Thanks to the subsequent surge in price, this whale’s holdings represent unrealized gains of more than 13,000%.
Similar transfers have been seen before during major Bitcoin price milestones above six figures.
A Bitcoin OG has woken up after 13 years of dormancy, moving all 909.38 $BTC($84.62M) into a new wallet.
When this OG first received $BTC 13 years ago, the price was under $7 — now up ~13,900×.https://t.co/gc0FeYxGkz pic.twitter.com/lxfikGdfNl
— Lookonchain (@lookonchain) January 20, 2026
Social media buzz around the transfer coincided with nearly a 2% drop in BTC price.
Analysts noted, however, that because the whale’s remaining funds are off-exchange, the movement likely reflects wallet consolidation or heightened security measures rather than an imminent sell-off.
Fed injects $3.8 billion in liquidity, keeping crypto alert
The U.S. Federal Reserve planned a $3.8 billion liquidity injection on Tuesday, drawing attention from crypto traders who view such measures as potentially supportive for Bitcoin amid looser macro liquidity conditions.
The action came as global markets refocused on liquidity after the Fed expanded its balance sheet to support market functioning.
Liquidity injections are often seen as favorable for risk assets, including Bitcoin, on the view that easier funding conditions in traditional markets can help push asset prices higher.
Earlier Fed operations—such as a $29.4 billion repo injection in 2025—have been cited by market participants, including the founder of Cardano (ADA), as supportive for Bitcoin and other risk assets.
During the most recent liquidity phase from December 12, 2025, to January 14, 2026, Bitcoin rose from roughly $90,270 to about $96,929.
Crypto watcher DefiWimar commented on X that “when traditional money printing ramps up, smart money flows into crypto,” underscoring how increased liquidity can influence asset allocation decisions.
Bitcoin faces rising headwinds
Bitcoin recently dropped to the $90,000 area, eroding bullish market confidence after a surge above $97,000.
In early Asian trading on January 20, sellers pushed the price down to $90,620.
The move echoed weakness in Nasdaq futures, which fell more than 1.6% amid ongoing headwinds over recent weeks.
Although major equities have avoided a large-scale sell-off, broad risk-off sentiment has constrained upside momentum seen earlier in 2026.
Cryptocurrencies have shown similar cooling, even as gold reached record highs as investors sought safe-haven assets.
Economist Mohamed El-Erian highlighted the dynamics on X, noting geopolitical and geo-economic risks—such as the possibility of an EU–US trade dispute over Greenland—have contributed to demand for safe havens and higher bond yields.
On a day when geo-economics is again very much in evidence—including the possibility of an EU–US trade war over Greenland (with the UK seemingly caught in a messy middle)—gold has once more traded at a record high, exceeding $4,700 an ounce.
Also of note for the reasons discussed… pic.twitter.com/CuyHAWMR8V— Mohamed A. El-Erian (@elerianm) January 20, 2026
On Tuesday, Bitcoin and U.S. equity futures fell as the 10-year U.S. Treasury yield climbed to 4.287%, a four-month high.
Rising yields increase borrowing costs for loans, mortgages, and global investment, weighing on risk appetite.
El-Erian suggested that threats of tariffs from U.S. leadership toward Europe over Greenland raised concerns about retaliatory moves that pressured bond markets and pushed yields higher.
As markets assess these developments, analysts warn that macro risks could drive capital away from volatile assets such as Bitcoin.
At the time of writing, BTC was trading above $91,140.