Bitcoin slips back below $90,000 after early-2026 rally fades

Bitcoin retreated below the $90,000 mark after an early 2026 rally, which had seen prices approach $95,000 following $1.2 billion in U.S. spot bitcoin ETF inflows over the first two days. This momentum faded as ETF flows turned negative for a second day, and broader risk appetite cooled. Analysts suggest the pullback is consistent with current market structure, with potential for BTC and ETH to drift lower to fill a gap on CME futures, noting that macro pressures remain dominant. Furthermore, some analysts view the initial ETF inflows as a rebalancing effect rather than a definitive sentiment shift, especially given Bitcoin's lackluster 2025 performance. On-chain data shows profit-taking eased but resistance exists near prior highs, with a critical test around the short-term holder cost basis of $99,000. Despite short-term volatility, some market observers maintain a long-term bullish outlook, emphasizing Bitcoin's growing role as a strategic balance-sheet asset amid rising global debt.

(Source：The Block)