Crypto prices today declined slightly as the market saw investors take profit following early 2028 gains.

The total crypto market capitalization slipped 0.8% to $3.27 trillion. Bitcoin was trading at $92,660 at press time, down 1.4% over the past 24 hours after failing to hold recent intraday highs.

Losses were more pronounced among altcoins. Cardano fell 3.2% to $0.4118, Zcash declined 2.8% to $49.50, and Stellar dropped 4.7% to $0.2401. The moves followed several days of gains that marked a strong start to 2026.

Derivatives data suggest the pullback came without panic. CoinGlass data shows 24-hour liquidations rose 3% to $436 million, while total open interest increased 1.02% to $141 billion. During a price decline, rising open interest often indicates position reshuffling as opposed to forced exits.

The average relative strength index for the cryptocurrency market was at  55, maintaining neutral momentum. Sentiment was still far from extreme, despite a slight decline. The Crypto Fear & Greed Index dropped two points to 42, staying in the “fear” zone, following a brief improvement earlier in the week.

Profit-taking follows early January rally

Analysts attribute the decline to profit-taking after the market’s sharp rebound from late-2025 lows. Bitcoin had climbed roughly 7–8% from the $88,000 area in the first days of January, prompting short-term traders to lock in gains.

Market behavior during U.S. trading hours also played a role. Recent sessions have shown a pattern where overnight strength fades as Western markets open, with downside volume picking up during U.S. hours. Funding rates have since cooled to near-neutral levels, supporting the view that leverage is being trimmed rather than aggressively added.

Positioning is still shaped by lingering caution from the sell-off last year. After the late-2025 correction erased nearly 30% from Bitcoin’s highs, traders seem to be quicker to reduce exposure on strength.

Short-term outlook and analyst views

Bitcoin is widely expected to remain above the $90,000–$92,000 range, with resistance located around $94,000–$95,000. If institutional flows improve, a clear break above that range might pave the way for $97,000–$100,000.

Downside risks remain. Some analysts warn that failure to reclaim $94,000 could lead to a retest of $85,000–$88,000, particularly with U.S. labor data scheduled for later this week, including ADP jobs figures on Jan. 7 and nonfarm payrolls on Jan. 9.

Fundstrat’s Tom Lee remains optimistic, saying he expects Bitcoin to reach a new all-time high by the end of January. Others point to falling Bitcoin dominance, now below 59%, as an early sign of rotation potential toward altcoins if market conditions stabilize.