Price analysis 1/27: SPX, DXY, BTC, ETH, XRP, SOL, BNB, DOGE, ADA, LINK
Bitcoin and altcoins saw sharp selling as traders reduced risk following the popular launch of the DeepSeek AI app.
Bitcoin (BTC) dropped below $98,000 on Jan. 27, but the price has since recovered to trade near the psychological level of $100,000. The fall was triggered by the rapid rise of China-based AI app DeepSeek, which stoked fears of rising competition in the AI sector. Although cryptocurrencies are not directly related, the flight to safety led to $864 million in liquidations in the cryptocurrency markets within 24 hours.
BitMEX co-founder Arthur Hayes cautioned his X followers of a sharp correction in Bitcoin but said that the price could recover and end the year at $250,000 on the resumption of money printing.
Market participants will closely watch the outcome of the Federal Open Market Committee meeting on Jan. 28 and Jan. 29, where the Fed is expected to pause rate cuts.
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Author: Rakesh Upadhyay
