**[Bitcoin Fails to Break $90,000, Bearish Sentiment Intensifies]** BlockBeats reports that on January 23, Bitcoin failed to reclaim the $90,000 level, weakening investor confidence and intensifying bearish sentiment. Georgii Verbitskii, founder of the non-custodial Web3 platform TYMIO, stated: "In the short term, Bitcoin's weakness stems from the lack of interest from major institutions at the current price level." He pointed out that geopolitical uncertainty is prompting investors to adopt defensive strategies. Ryan Li, co-founder of Surf, added: "Even strong-performing altcoins are struggling, such as Avalanche, which has dropped approximately 66% since last September, despite collaborations with institutions like JPMorgan and WisdomTree. This indicates that the market's tolerance for altcoins is very low." Verbitskii noted that gold has become the focus of the market, attracting major safe-haven funds and marginalizing Bitcoin. He believes this is not a "systemic shift" caused by panic but rather a repricing of Bitcoin as a non-preferred asset during this period. However, once large funds re-enter the market, sentiment may shift. Until then, he expects market sentiment to remain uncertain.