Bitcoin price today: Price drop
As of 5 pm today (January 23), Bitcoin - the world's largest electronic currency - according to market value reversed to decrease by 1.27%, reaching 88,835.85 USD.
This new price contributed to reducing market capitalization, trading at 1,774 billion USD, down 23 billion USD. In the same direction, trading volume in 24 hours fell to 36.69 billion USD, down 14.54 billion USD.
Perspectives and forecasts
In the past 24 hours, the BTC has been almost sideways and has decreased by about 6% in a week. Outwardly, the market seems quite quiet, but below, there is a convergence of four notable risk signals.
First, a negative technical model is forming. Second, long-term holders are selling at a faster rate. Third, demand from ETF funds has just recorded its weakest week since November. And finally, buy-and-sell pressure is becoming increasingly short-term and speculative.
On the 12-hour chart, Bitcoin is forming a "shoulder-head-shoulder" model. This model reflects a weakening upward momentum, as each upward momentum creates a lower peak than the previous one. The "neckline" of the model is around $86,430.
If the price breaks this threshold, the theoretical reduction target may be around 9-10%.
The weakening technical structure becomes even more worrying when combined with the behavior of holding groups. Many long-term holders - wallets holding Bitcoin for over a year are increasing selling pressure.
Notably, this sale did not stem from panic, but from a lack of confidence in the possibility of higher prices. The NUPL indicator of long-term holders - unrealized profit/loss measurement has fallen to the lowest level in six months but is still in the "confidence zone". This shows that they are still making a profit.
In other words, this is an active selling activity. They choose to reduce their holdings rather than being forced to step out of position. When investors with high confidence sell, the important question is who will buy in.
Supply pressure from long-term investors is also reflected in the developments of ETFs. Bitcoin ETF spot trading has just recorded the weakest trading week of 2026 and the week with the lowest demand since November.
In the week ending January 21, ETFs witnessed a net capital outflow of about 1.19 billion USD. This eliminated a stable source of demand that had absorbed the selling volume of holders in previous adjustments. In other words, even ETF investors have not shown strong confidence in the Bitcoin price outlook at the present time.
Bitcoin is witnessing a shift from long-term investors and ETF cash flow to short-term traders. This process often limits the room for price increases and makes the market more sensitive to deep declines.
In Vietnam, the cryptocurrency asset market has been piloted from September 9, 2025, the pilot implementation period is 5 years.
However, organizations and individuals participating in the cryptocurrency asset market must comply with relevant legal regulations on preventing and combating money laundering, terrorist financing, financing the dissemination of weapons of mass destruction, electronic transactions, network information security, network security, data protection to ensure security and safety in the cryptocurrency asset market and other relevant specialized laws.
