Bitcoin price news: BTC holds near year's low as precious metals continue garnering attention

Bitcoin (BTC) was stuck around $88,000 on Monday, showing little upward momentum despite weakness in the U.S. dollar index (DXY). This stagnation occurred while gold and silver experienced blistering, record-breaking rallies, briefly soaring past $5,100 and $118 respectively, before showing signs of exhaustion and pulling back. Analysts attribute Bitcoin's sluggishness partly to rising odds of a government shutdown on January 31, which could impact liquidity, and persistent selling pressure from spot Bitcoin ETFs, which saw over $1.3 billion in outflows last week. Analysts suggest BTC is likely to remain range-bound between $85,000 and $94,500 unless key metrics improve or the Clarity Act legislation passes, which is currently threatened by the shutdown risk.

(Source：CoinDesk)