Bitcoin Dips Below $89,000; ETH, XRP, Solana Also See Red

• Bitcoin fell to $88,632 on January 23, recovering slightly to $89,804, remaining in the red zone after touching $900,291 earlier.
• Crypto markets are fragile, with Bitcoin and Ethereum consolidating amid shifting macro conditions, as per Riya Sehgal, Delta Exchange.
• Derivatives suggest professional traders are defensive, not bearish, with subdued funding rates and volatility-based options strategies.
• CoinSwitch Markets Desk attributes the stall to near-term supply pressure from over 17,000 BTC flowing to exchanges.
• Other tokens like ADA, ETH, XRP, and SOL also experienced declines, while USDC saw a slight gain.

Why It Matters: Bitcoin and major altcoins are experiencing volatility and consolidation, with market sentiment cautious despite underlying long-term optimism.