Bitcoin ( BTC) appeared to find its footing just under $83,000 today, hours after tumbling to its lowest level since Nov. 21. Following a drop to $85,404 in the previous session, the cryptocurrency suffered a flash crash to an intraday low of $81,314, sparking a massive wipeout of more than $1.7 billion in leveraged positions. This volatility briefly dragged bitcoin’s market capitalization down to $1.62 trillion before a slight recovery pushed it back above the $1.65 trillion mark.

This late-month crash all but guarantees that bitcoin will end January in the red, dampening hopes for a run toward $100,000 in February. The price action on the final day of the month also provided fresh ammunition for critics, highlighting bitcoin’s apparent decoupling from gold. While BTC faltered, the precious metal hit consecutive milestones, reaching a new all-time high of $5,594 per ounce on Jan. 29.

Interestingly, while the broader crypto economy retracted, equity markets remained mixed. The S&P 500 remained on track to end January with a 1.3% gain, even as the Nasdaq composite continued to reel from a Thursday plunge that saw the index shed more than 600 points in a single session. Meanwhile, Asian markets closed mostly lower while European bourses opened with cautious gains, reflecting a fragmented global sentiment.

Read more: Bitcoin Slumps to $83K Amid Nasdaq’s AI-Driven Free-Fall

Some analysts have been quick to point out bitcoin’s apparent lack of correlation with key equity indices such as the S&P 500, which hit several new milestones in January. According to Jonatan Randin, a senior market analyst at PrimeXBT, bitcoin currently exhibits the downside characteristics of a risk asset—selling off during periods of geopolitical stress—without capturing the upward momentum currently driving equities.

Experts suggest a significant shift in investor behavior; rather than flocking to bitcoin during geopolitical instability, investors are returning to classic safe havens like gold and silver. This has led many to reframe bitcoin as a “high-beta” risk asset rather than a stable hedge. Gracy Chen, CEO of Bitget, attributes the surge in gold and silver to “safe-haven demand,” noting that while this undermines the “digital gold” narrative, the shift could eventually be beneficial for the market’s maturity.

“Such corrections can be constructive, flushing out excess leverage and resetting market positioning in a way that supports healthier price discovery over the medium term,” Chen said.

Market data confirms that more than $720 million in long bets on BTC were liquidated on Jan. 29, marking the largest such event in 2026 to date. Meanwhile, Chen said Bitget is now monitoring key indicators for signs of stabilization, specifically watching for support levels around the $50,000 range and analyzing Relative Strength Index ( RSI) readings for oversold conditions.

Despite these immediate headwinds, Chen maintains that network growth and adoption fundamentals continue to support the long-term resilience of the digital-asset ecosystem.

• Why did bitcoin crash below $83,000? A flash crash wiped out $1.7B in leveraged positions.
• How did gold and silver perform during the drop? Gold hit $5,594 per ounce and silver surged on safe‑haven demand.
• Are equities moving in sync with bitcoin? No, the S&P 500 gained while Bitcoin sold off, showing weak correlation.
• What’s next for Bitcoin in early 2026? Analysts expect base‑building near $80K–$88K before any push toward $100K.

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