Bitcoin

Bitcoin (<a rel="noopener noreferrer nofollow">BTC</a>) staged a quick rally to $90,600 on Wednesday, but the gains evaporated as the US Federal Reserve decision to forgo an interest rate cut was announced. Despite the whipsaw price action from Bitcoin, data shows traders eyeing a potential move to $93,500. One analyst said that the price level stands out as a key liquidation zone, with over $4 billion in leveraged short positions at risk of liquidation.
Key takeaways:
<ul>
 <li>Over $4.5 billion in BTC short liquidations sit near $93,500, making it a possible stop-hunt level for traders.</li>
 <li>Coinbase’s Bitcoin premium remains negative, signaling weak US spot BTC demand.</li>
</ul>
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 <img alt="Coinbase, Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange, Bitcoin Futures, Price Analysis, Market Analysis, Liquidity" src="https://s3.cointelegraph.com/uploads/2026-01/019c05d0-4c64-7d74-93ae-96edfed64ef8.png" title="">
 <figcaption>
 Bitcoin four-hour chart. Source: <a href="https://www.tradingview.com/symbols/BTCUSDT/" rel="noopener noreferrer nofollow">Cointelegraph/TradingView</a>
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<h2 id="potential-short-liquidations-set-a-93-500-price-target-for-bitcoin">Potential short liquidations set a $93,500 price target for Bitcoin</h2>
According to crypto trader Mark Cullen, the $93,500 level stands out on Bitcoin’s exchange liquidation map. Cullen <a href="https://x.com/mark_cullen/status/2016371332544450909?s=20" rel="noopener noreferrer nofollow">noted</a> that this price zone carries a visible “Come get me!” signal, with the liquidation level sticking out like a “sore thumb.”
<figure>
 <img alt="Coinbase, Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange, Bitcoin Futures, Price Analysis, Market Analysis, Liquidity" src="https://s3.cointelegraph.com/uploads/2026-01/019c052a-237f-7fa9-ad93-0363c469b5d0.png" title="">
 <figcaption>
 Bitcoin exchange liquidation map. Source: CoinGlass
 </figcaption>
</figure>
CoinGlass data <a href="https://www.coinglass.com/liquidations" rel="noopener noreferrer nofollow">indicated</a> that $4.5 billion in cumulative short positions clustered around $93,500. If Bitcoin pushes into that range, forced liquidations may accelerate price action, turning a slower rally into a fast one driven by shorts covering.&nbsp;
However, underlying participation remains uneven. The Coinbase Bitcoin premium index, which <a href="https://www.coinglass.com/pro/i/coinbase-bitcoin-premium-index" rel="noopener noreferrer nofollow">tracks</a> US spot demand via the exchange, is still deeply negative. This suggests the rally is being driven more by futures and leverage than by strong spot buying from US investors.
<figure>
 <img alt="Coinbase, Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange, Bitcoin Futures, Price Analysis, Market Analysis, Liquidity" src="https://s3.cointelegraph.com/uploads/2026-01/019c052d-7b3d-7a94-bb39-14dcc489a395.jpg" title="">
 <figcaption>
 Coinbase Bitcoin Premium Index. Source: CoinGlass
 </figcaption>
</figure>
<a href="https://cointelegraph.com/news/bitcoin-etf-86k-break-even-level-us-wirehouse-influx" rel="noopener noreferrer nofollow">Related:&nbsp;Bitcoin ETF $86K break-even level in focus amid US wirehouse influx reports</a>
<h2 id="risk-off-signal-is-still-on-despite-the-bounce">“Risk-off” signal is still on despite the bounce</h2>
Crypto analyst Leo Ruga <a href="https://cryptoquant.com/insights/quicktake/697a0a72a662164c84865a67-Risk-Off-Reading-Pressure-in-a-Stress-Environment" rel="noopener noreferrer nofollow">highlighted</a> that both the Composite (which includes SPX, GOLD, Crude oil, and DXY) vs BTC risk oscillator and onchain pressure oscillator are aligned in risk-off territory. The risk oscillator currently sits near 52, while onchain pressure remains elevated above 34, levels associated with market stress rather than trend expansion.
<figure>
 <img alt="Coinbase, Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange, Bitcoin Futures, Price Analysis, Market Analysis, Liquidity" src="https://s3.cointelegraph.com/uploads/2026-01/019c0535-ca1c-703c-8765-dd3cc65f0e64.jpg" title="">
 <figcaption>
 BTC Composite and Risk Oscillator. Source: Leo Ruga/CryptoQuant
 </figcaption>
</figure>
Ruga noted that for a sustained recovery, selling pressure must run out. Until then, a strong bullish trend may fail to persist.
Analyst Pelin Ay <a href="https://cryptoquant.com/insights/quicktake/6979eb9ec262194c0f2b6249-Whales-Are-Quietly-Waiting-for-the-Right-Moment" rel="noopener noreferrer nofollow">said</a> that the Whale Ratio is sending a neutral-to-cautious signal rather than a clear accumulation cue. At present, the ratio sits near its 100-day moving average but remains well below extreme levels.&nbsp;
<figure>
 <img alt="Coinbase, Cryptocurrencies, Bitcoin Price, Bitcoin Analysis, Markets, Cryptocurrency Exchange, Bitcoin Futures, Price Analysis, Market Analysis, Liquidity" src="https://s3.cointelegraph.com/uploads/2026-01/019c0534-3f02-79c5-aa9c-3b9f0fe28777.png" title="">
 <figcaption>
 Bitcoin exchange Whale Ratio. Source: CryptoQuant
 </figcaption>
</figure>
This suggests whales are not selling, but they are also not positioning for price expansion. Without a decisive movement in the Whale Ratio, volatility may persist without a strong directional bias.
<a href="https://cointelegraph.com/news/bitcoin-eyes-90k-fomc-watch-these-btc-price-levels-next" rel="noopener noreferrer nofollow">Related: Bitcoin eyes $90K ahead of FOMC: Watch these BTC price levels next</a>

Bitcoin traders eye $93.5K liquidation sweep despite Fed interest rate pause

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