Bitcoin clawed its way back above the $88,000 level after a sharp liquidation-driven selloff earlier in the week, but the recovery has done little to ease broader caution. The zone has become a clear inflection point, as recent breaks below it have triggered fast air pockets, while swift recoveries have pulled price back into a familiar range.

That technical stalemate now meets a heavy U.S. macro lineup. Markets are bracing for the Federal Reserve’s policy decision on January 28, a January 30 funding deadline that keeps the risk of a government shutdown alive, and renewed Senate discussions on crypto market structure.

QCP’s Jan 28 market update shows that options markets are reflecting this uneven risk profile. Volatility remains relatively subdued with traders expecting consolidation rather than a sharp breakdown. However, downside protection remains in demand. Skew is firmly negative, and near-dated downside options are priced richly, pointing to hedging against sudden gap risk rather than a gradual rise in volatility.

Fiscal policy is another near-term pressure point. A clean resolution to the January 30 funding deadline would likely compress risk premiums and allow crypto to trade more in line with broader risk assets. A short-lived lapse could still trigger a temporary risk-off move that reverses once a deal is reached. The more destabilizing outcome would be a prolonged standoff, which could tighten liquidity and force broader de-risking across markets.

Read more: Macro Shocks Hit Crypto as Liquidations Top $550 Million

The immediate focus, however, is the Fed. Rates are widely expected to remain unchanged, with attention centered on when easing might resume. Inflation is still running above target, even as labor market data softens, keeping policymakers in a cautious, data-dependent stance. Any sudden dovish shift appears unlikely, particularly as the Fed faces heightened scrutiny over its independence.

For now, bitcoin remains reactive, caught between technical levels and macro crosscurrents, with options markets signaling that downside risks are still very much on traders’ minds.

• Why is Bitcoin struggling above $88,000?
  Traders remain cautious as macro risks and policy events cap upside momentum.
• Which events are pressuring crypto markets now?
  The Fed decision, U.S. funding deadline, and crypto regulation talks dominate near-term risk.
• What are options markets signaling?
  Elevated downside hedging shows traders are protecting against sudden price drops.
• What could change market sentiment quickly?
  A smooth funding deal or clearer Fed guidance could ease risk premiums.

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