New York, Jan 28, 2026, 17:12 EST — After-hours
Bitcoin hovered just below $90,000 on Wednesday, retreating from its session peak after struggling to stay above that key threshold. The cryptocurrency last changed hands at $89,285, up 0.3%, moving within a range of $88,736 to $90,276.
The Federal Reserve held its benchmark interest rate steady at 3.50%–3.75%. Chair Jerome Powell noted the economy “has once again surprised us with its strength.” The decision was backed by a 10-2 vote. Reuters
Bitcoin often moves in line with changes in rate and dollar outlooks since it yields nothing; lower rates reduce holding costs. Traders are now seeking clearer clues on when the next cut will come and if a softer dollar will support steady demand for digital assets.
The dollar recovered some ground after tumbling sharply earlier this week, while gold climbed to yet another record high as investors sought safe havens beyond the greenback. “A steadier job market and sticky inflation made the Fed wait,” said Matthias Scheiber, head of the multi-asset team at Allspring Global Investments. Reuters
Bitcoin now faces $90,000 as its next major hurdle. David Morrison, senior market analyst at Trade Nation, emphasized the token must push past that mark “convincingly” and maintain it. Still, he cautioned that a drop under $85,000 “could easily happen.” Investing.com
Flows into spot bitcoin exchange-traded funds (ETFs) that hold bitcoin directly remain unsettled. According to data from Farside Investors, U.S. spot bitcoin ETFs saw a net inflow of $6.8 million on Jan. 26, only to reverse sharply to a net outflow of $147.4 million on Jan. 27.
Tether, the stablecoin issuer, is shifting some of its investment into traditional hedges. CEO Paolo Ardoino told Reuters the company plans to put 10%–15% of its portfolio into physical gold and hold about 10% in bitcoin.
Ether, the world’s second-biggest cryptocurrency, held steady around $3,016.
Crypto-related U.S. stocks and funds slipped in after-hours trading. Coinbase dropped roughly 0.7%, Strategy lost close to 2%, and BlackRock’s iShares Bitcoin Trust ETF slipped about 0.3%.
Bitcoin, however, is still vulnerable to sharp drops when the dollar strengthens or ETF outflows rise, with volatility simmering beneath the surface. It remains well under its October peak, which topped $125,000.
On Jan. 30 at 8:30 a.m. EST, the U.S. producer price index for December is set to drop. This could shake up expectations around rate cuts—and ripple through crypto markets. Eyes will also be on whether bitcoin can push back above $90,000 and hold that level through Thursday.
