Bitcoin Price Fails at $90,000 Resistance, Market Sentiment Turns Bearish

BlockBeats News, January 23rd. Bitcoin failed to reclaim the $90,000 level, undermining investor confidence and exacerbating bearish sentiment. Georgii Verbitskii, founder of the non-custodial Web3 platform TYMIO, said: "In the short term, Bitcoin's weakness comes from a lack of interest from large institutions at the current price level." He pointed out that geopolitical uncertainty has led investors to adopt a defensive strategy.

Ryan Li, co-founder of Surf, added: "Even strong-performing altcoins are struggling, such as Avalanche, which has fallen by about 66% since September last year, despite collaborations with institutions such as JPMorgan and WisdomTree. This shows that the market's tolerance for altcoins is very low."

Verbitskii noted that gold has become a focus of the market, attracting major safe-haven funds, marginalizing Bitcoin. He believes this is not a "systemic change" caused by panic, but rather Bitcoin being repriced as a non-preferred asset during this period. However, once large funds re-enter, market sentiment may change. Until then, he expects market sentiment to remain uncertain.