BTC price tests the $92,000 support, with a liquidation wave emerging but market resilience still intact

As of January 12, 2026, the latest price of Bitcoin on the Gate trading platform is $90,650, up 1.41% in the past 24 hours. This price level is closely testing the key psychological and technical support level around $92,000.

According to market analysis, since reaching a historic high in October 2025, Bitcoin has entered a sustained consolidation phase, with a short-term trading range defined between $86,300 and $94,800.

01 Price and Liquidations: Current Market Situation

As of January 12, 2026, Bitcoin’s latest price on the Gate platform is $90,650, with a 24-hour trading volume of $25.61 billion, and a market capitalization maintained at a high of $1.83 trillion.

The price fluctuates narrowly between $90,236.00 and $92,519.95, indicating intense market battles near key price levels.

According to Coinglass data, the cryptocurrency market experienced significant leverage liquidations in the past week. Just last week, approximately $1.1 billion worth of long positions were forcibly liquidated.

This large-scale liquidation occurred amid divergence in major U.S. central bank policies. While the market generally expects the Federal Reserve to continue its accommodative monetary policy, the European Central Bank and the Reserve Bank of Australia have signaled that their tightening cycles may be ending.

02 Market Resilience: Unexpected Stability Under Liquidation Pressure

Compared to the historic crash in October 2025, the current Bitcoin market shows greater resilience. At that time, Bitcoin plunged over 13% within 24 hours, causing over 1.6 million investors to be liquidated, with total liquidation amounts reaching $19.358 billion.

That crash was likened by traders to a “replay of Black Thursday during COVID,” with rapid impact that was rare in recent years.

In contrast, despite recent sizable liquidations, Bitcoin’s price has not collapsed but has shown stability near key support levels. This difference may stem from improved market structure and more mature investor behavior.

A notable signal is the divergence in position data across different exchanges during recent price corrections. CME Bitcoin futures open interest increased against the trend to $11 billion, while exchanges like Binance saw a significant reduction in open interest.

This divergence may indicate that more institutional funds are entering the market through regulated channels, providing a more stable support foundation for Bitcoin’s price.

03 Macro Perspective: Key Factors Influencing the Crypto Market

The correlation between the cryptocurrency market and traditional financial markets is strengthening. XS.com market analyst pointed out that the 2025 market performance shows Bitcoin increasingly exhibiting risk asset characteristics within the global financial system, often showing a clear correlation with the U.S. stock market.

This increased correlation means that volatility in traditional financial markets can transmit more quickly to the crypto sector.

The upcoming U.S. December CPI data is a focal point for the market. The data will be released at 21:30 Beijing time on January 13, including key indicators such as unadjusted CPI year-over-year and seasonally adjusted CPI month-over-month.

These figures will directly influence market expectations of Federal Reserve monetary policy and significantly impact the prices of cryptocurrencies like Bitcoin.

Additionally, the U.S. Senate Banking Committee has officially scheduled the review of the “Digital Asset Market Transparency Act” for January 15, 2026. This legislative development could bring clearer regulatory frameworks to the crypto industry and influence the market’s long-term trajectory.

04 Exchange Dynamics: Gate’s Steady Performance and Industry Trends

Against the backdrop of overall market volatility, Gate has demonstrated strong growth. According to data from WuShuo team, derivative trading volume on Gate increased by 46.6% in 2025 compared to 2024, ranking among the top exchanges in growth rate.

This growth trend reflects the platform’s ability to attract users and expand market share even in turbulent market conditions.

Gate’s latest reserve report shows that as of January 6, 2026, the platform’s total reserve ratio has increased from 124% to 125%, with total reserves reaching $9.478 billion.

Specifically, for Bitcoin, Gate’s total BTC user holdings amount to 17,640 BTC, with platform reserves of 24,817 BTC, and an excess reserve ratio rising to 40.69%. This means that for every 1 BTC deposited by users, Gate holds more than 1.4 BTC as reserves, providing ample security.

Gate also remains active in supporting emerging projects. For example, in the pre-deposit activity of the IR token airdrop for Berachain’s liquidity staking protocol Infrared, Gate was one of the three centralized exchanges participating in the pre-deposit, demonstrating the platform’s support for innovative ecosystems.

05 Technical Analysis and Future Outlook

From a technical analysis perspective, Bitcoin is currently at a critical technical juncture. Market analysts note that Bitcoin needs to hold the support level at $84,000 in the coming period or effectively break through the resistance at $94,800 to provide clearer direction for subsequent movements.

The daily chart shows that since the sharp decline from the October 2025 high, Bitcoin has been in consolidation since December. Recent price momentum has improved, and the Relative Strength Index (RSI) is trending upward.

Options market activity is also noteworthy. During recent volatility, bullish Bitcoin bets have increased, indicating some funds are entering at lows, betting on a rapid rebound of Bitcoin. This market sentiment is similar to the situation after the October 2025 crash, when Bitcoin also rebounded significantly after bottoming out.

In the long term, Bitcoin’s fundamentals remain strong. Industry leaders like Michael Saylor continue to be optimistic about Bitcoin’s long-term value, comparing it to tech giants like NVIDIA and viewing it as one of the best-performing assets of the past decade.

MSCI recently announced that it will not exclude companies holding large amounts of cryptocurrencies from its indices, removing a barrier for institutional investors to continue participating in the crypto market.

Market analyst Samson Mow even predicts that Tesla CEO Elon Musk will make a major move into Bitcoin in 2026, with an expected Bitcoin price potentially reaching $1.33 million.

Future Outlook

Despite the liquidation pressures, Bitcoin’s price on the Gate platform remains around $90,650, with a 24-hour trading volume of $25.61 billion at high levels.

The market’s resilience is reflected not only in price stability but also in subtle shifts in capital flows—CME futures open interest has increased against the trend to $11 billion. The upcoming release of December CPI data on January 13 will be a key catalyst for the market’s next move.

Market expectations generally anticipate the Federal Reserve will continue its accommodative monetary policy, while divergences among other major central banks add uncertainty to global capital flows.