Bitcoin just felt the heat — a classic leverage shakeout 📉
On Jan 19, 2026, $BTC briefly slipped below $93,000, now consolidating around $92.5K–$93K.
The move erased weekend gains and triggered $680M+ in long liquidations across major exchanges.
This wasn’t random. It was a mix of macro pressure + on-chain reality.
🌍 Macro uncertainty hit risk assets
Renewed tariff threats from President Trump (targeting Europe, with potential 10% duties from Feb 1, escalating to 25%) sparked a global risk-off reaction.
Equities sold off
Precious metals weakened
Crypto followed correlation — uncertainty always drains leverage first
Classic de-risking behavior.
⚡ Leverage unwind did the damage
The recent push toward $96K was heavily leverage-driven.
Once price failed to hold the breakout, liquidations accelerated.
Glassnode notes:
Recent upside lacked strong spot demand
Leverage built faster than real accumulation
When momentum stalled, longs paid the price.
🐳 Whale activity, not ETFs
CryptoQuant analyst Mignolet highlighted something important:
Bitcoin ETFs weren’t even trading during the sharpest drop
The Coinbase Premium Gap (CPG) flashed one of its strongest sell signals in months
This points to U.S.-based whales selling spot BTC outside ETFs, a pattern seen in previous cycles that often leads to short-term volatility, not immediate trend reversals.
📊 Key levels to watch
Support zone: $90K–$92K
Hold → potential bounce toward $95K+
Below support: $85K–$88K becomes likely
Liquidation data suggests most forced selling is already flushed
🧠 Bigger picture
This looks like a healthy (but painful) correction within a broader bullish structure:
No major ETF outflows
No structural demand breakdown
Mostly leverage reset + whale repositioning
Volatility clears weak hands — that’s how trends breathe.
What’s your move? • Buying the dip
• Waiting for confirmation
• Staying on the sidelines
DYOR.