On January 19, 2026, Bitcoin experienced a notable stall in its upward momentum, with a high-volume rejection in the $95,600–$96,000 zone, as shown in your 1-hour TradingView chart from Bitstamp. The price spiked toward that resistance level earlier in the day (highs around $95,500–$95,600 in recent sessions), but formed a sharp vertical red candle — a classic rejection pattern — leading to a quick drop and consolidation below $93,600–$94,000. This resulted in the current price hovering around $93,000–$93,200 (down ~2–2.5% in the last 24 hours, with intraday lows dipping toward $92,000–$92,500).
This pullback aligns perfectly with the chart you shared: high volume on the downside wick indicates aggressive selling and liquidations, price dropping below major moving averages (likely EMA50 or key resistance-turned-support), and overall faded momentum after a leveraged rally.
Key Reasons for the Rejection and Pullback
The move wasn't isolated — it was driven by a combination of geopolitical risk, leverage flush, and broader risk-off sentiment.
Geopolitical Trigger: Trump's Greenland Tariff Threats
Over the weekend (around Jan 17–18), President Trump announced via Truth Social that the U.S. would impose 10% tariffs starting February 1 (escalating to 25% by June 1) on imports from eight European countries (Denmark, Norway, Sweden, France, Germany, UK, Netherlands, Finland) unless Denmark agrees to a "complete and total purchase" of Greenland.
This sparked immediate global fears of a transatlantic trade war, risk-off moves across markets, and rotation into true safe havens like gold (which hit new records near $4,660–$4,700/oz). Crypto, despite its "digital gold" narrative, behaved like a high-risk asset and sold off in tandem with equities and other volatiles. European stocks (e.g., STOXX 600 down 1.2%) and U.S. futures dipped sharply, amplifying the pressure on BTC.
Massive Liquidations and Leverage Flush
The rejection triggered a cascade of long liquidations — over $680M–$875M in crypto positions wiped out in 24 hours, with Bitcoin longs accounting for ~$230M–$250M (90%+ of total liquidations were longs).
This was a classic leverage unwind: Traders had built heavy bullish positions during the prior push toward $95K+, but thin liquidity + sudden macro shock caused forced selling, creating a self-reinforcing drop. The high-volume wick on your chart visually captures this flush perfectly.
Technical Breakdown
Rejection at Supply Zone: $95,600–$96,000 acted as strong resistance (previous highs from mid-January sessions around $95,500–$95,800).
Support Breach: Price fell below key levels like $94,500 (a recent support-turned-resistance), risking a return to the $85K–$94K mid-November range.
Indicators: Momentum faded (e.g., RSI cooling), with the move looking like a mid-cycle correction or "leverage reset" rather than a trend reversal. Bulls defended ~$92K–$93K as immediate support.
Sentiment & Positioning
Profit-taking kicked in after strong ETF inflows earlier in January, combined with overcrowded bullish leverage. The market shifted away from risk assets, proving BTC's correlation to macro events remains high despite occasional decoupling. This wasn't a "crypto winter" panic — more of an orderly flush to shake out weak hands.
Short-Term Outlook
Bearish Case: If $92K–$93K breaks, downside could target $90K or lower (previous demand zones).
Bullish Case: Holding $93K could see a rebound as a "buy the dip" opportunity, especially if tariff fears ease (some analysts see an 86% chance Trump "blinks" or negotiates). This looks like a healthy correction in an ongoing bull structure (higher lows/highs on daily charts).
Watch for volume spikes or reversal candles around current levels.
Disclaimer: This is purely educational market observation based on public data and your chart — not financial advice. Crypto is highly volatile; always do your own research and manage risk carefully.
