Crypto Market News Today, January 9: Bitcoin Price Drops Below $90K Before Reversing, Ethereum Holds Above $3K
Another week in crypto is filled with a mix of nerves and excitement. The price of Bitcoin briefly fell below $90,000 before climbing back above the critical level last night, posting a net gain of 2.5% this week, and Ethereum, on the other hand, managed to stay above the $3,000 price range despite pressure across the market, a net gain of 3% this week.
By Friday, the dust had settled considerably. The price of Bitcoin fell and strengthened as Ethereum gave the market something to hold on to after a few painful days.
(source – CoinGecko)
While crypto went sideways, traditional markets moved forward. US stocks have posted recent highs this week. Silver has risen to $79, and gold has risen above $4,500 since the inauguration of Donald Trump. Crypto is yet to follow the same momentum.
In the last year alone, Bitcoin fell 8% from $99,000 to $90,000, and the price of Ethereum followed suit, dropping from $3,435 to around $3,100. US Treasury Secretary Scott Bessent’s comments calling for rate cuts, along with jobless claims coming in slightly below expectations, helped ease some pressure late in the week.
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Bitcoin Price Action: Panic at the Crypto Disco?
Bitcoin spent most of the week filling the CME gap, with another gap around the $88,000 price level still attracting attention. Early Thursday, the sell-off pushed Bitcoin down to around $89,200. The recovery was swift, however, with the price settling at $91,000 heading into the weekend.
Open interest fell slightly, and more than $52 million in positions were liquidated. However, people continue to point to long-term integration. Bitcoin price held between $87,000 and $92,000, supported by ETF entry near $86,500. Resistance remains at $92,000 and, more importantly, the psychological level of $100,000.
(source – Coinglass)
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Ethereum Catches Up As Altcoins Struggle
The price of Ethereum did what it needed to do. Stays over $3,000. Trading around $3,100, Ethereum benefited from continued demand, including a big addition from Tom Lee’s Bitmine, which added more than $60 million worth of ETH this week. Futures activity has slowed slightly, but funding rates remain healthy, and long-term confidence remains strong.
BREAKING: 🇺🇸 Tom Lee’s Bitmine has risked 19,200 $ETH is $60.85 million.
They have invested 2.62 billion dollars in Ethereum so far. pic.twitter.com/ti3zIzVWqA
– Ash Crypto (@AshCrypto) January 8, 2026
Elsewhere, Zcash dropped 20% after its core development team resigned, highlighting how fragile some projects remain.
In previous cycles, we know that sentiment and price movements looked bleak before a breakout followed. If the price of Ethereum can finally clear $ 3,600, it may once again be the altcoin recovery doctor.
Bitcoin remains the compass of the market. But Ethereum needs to run, so that other altcoins can follow.
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