Crypto market is down today (Jan. 6) yet risk-on sentiment spreads

The crypto market pulled back on Tuesday after weeks of gains, with total market capitalization slipping to $3.2 trillion as Bitcoin fell roughly 2.3% to around $92,000, even as equities hit fresh record highs and futures positioning continued to build across digital assets.

Some of today’s top gainers include Dogwifhat (WIF), Sui (SUI), IOTA (IOTA), and XRP (XRP), which jumped by over 14% in the last 24 hours. Here’s a look at the trajectory in the previous seven days:

2026

Wall Street opened 2026 with momentum, as major U.S. indexes extended gains and the Dow rose nearly 1% to fresh record highs. Commodities also surged, led by silver breaking above $80, platinum and palladium posting sharp gains, and gold and copper climbing to new highs.

The crypto market also jumped as futures open interest continued to surge this week. Open interest soared to over $145 billion, is the highest point since November 10. It has jumped from the December low of $123 billion. Bitcoin’s (BTC) open interest rose to over $61.8 billion. 

• Crypto prices also jumped as short liquidations continued soaring. Data shows:
• Liquidations soared by 60% to over $434 billion.
• Bitcoin’s short liquidations are worth over $186.65 million
• Ethereum, XRP, and Solana positions are worth over $84 million, $32 million, and $19 million, respectively.

Still, investors are piling into crypto-related exchange-traded funds, or ETFs. For example, spot Bitcoin ETFs had over $697 million in inflows on Monday, up from $471 million on Friday. Spot Ethereum ETF inflows added over $168 million, while XRP and Solana added $46 million and $16.2 million, respectively.

Technicals also explain the crypto market rally

A closer look shows that technicals also explain why the crypto rally is accelerating. The daily chart shows that the Bitcoin price moved from a low of $80,494 in November to the current $94,100. 

Bitcoin has moved above the 61.8% Fibonacci Retracement level.

It has also moved above the 50-day moving average, while the Relative Strength Index and the Stochastic oscillator have continued rising.

Therefore, Bitcoin’s price may spike if it moves above the $94,492 resistance level. Such a move will boost crypto prices over time.