Bitcoin trades near $92,600 amid volatility in crypto market

Bitcoin was trading just above $92,602 at around 10.09 am on January 7, down 1.38 percent from the previous day and 4.83 percent in a week. The world’s largest cryptocurrency dipped to a low of $91,783 and peaked at $93,707 in the morning session.

“BTC briefly pushed toward $95K but pulled back into the $92K–$93K range, reinforcing $95K as a key resistance level. Institutional interest remains firm as Bitcoin ETFs recorded their largest single-day inflow in nearly three months, totalling $697 million on Monday. BTC holding above $92K keeps the broader structure intact, while a reclaim of $93.5K would help improve near-term market sentiment,” said CoinSwitch Markets Desk.

Other crypto tokens, too, were volatile. ETH was down 0.34 percent, ADA 0.57 percent and SOL 0.44 percent, while XRP and Tether were 0.02 percent each in the past 24 hours.

“The top gainers for the day are Sui, Lighter, and XRP, with a rise of 13.71%, 12.89%, and 11.54%, respectively, followed by IOTA & BitTorrent with over a 10% rise each. Besides, MYX Finance maintains its bearish streak and plunges by over 16.67%, followed by Story and Midnight by over 4% each and Canton by 3.98%,” said the CoinDCX research team

Check out the cryptocurrency prices on January 7 as of 10.09 am

Why is Bitcoin up? 

According to Riya Sehgal, research analyst, Delta Exchange, regulatory focus intensified after Senator Tim Scott confirmed the Digital Asset Market Clarity Act will head to the US Senate for markup next week. The bill, which aims to define the jurisdictional boundaries between the SEC and CFTC, could become the most significant US crypto legislation to date.

“While momentum has cooled during Asian hours and some traders are booking profits, fresh capital returning to the crypto market is preventing deeper retracements. What is notable is that long-term holders are not distributing aggressively, which keeps the broader structure intact. Sentiment is still cautious, but price behaviour suggests accumulation on dips. If Bitcoin continues to build acceptance above this zone, the next meaningful test will naturally shift toward the $100,000 mark, even if the move unfolds gradually,” said Avinash Shekhar, Co-Founder & CEO, Pi42.

What’s happening in the crypto market?

WazirX founder Nischal Shetty said,  “Over the last 24 hours, the macro environment has continued to provide a structurally supportive backdrop for crypto, even as near-term price reactions remain muted. Expectations of continued monetary accommodation have reinforced the global liquidity narrative, a key macro driver that has historically aligned with more constructive conditions for digital assets. Periods marked by an easing bias have often coincided with improved medium-term performance for crypto, supporting the view that policy support into 2026 remains an important theme.”

Here’s a rundown on what’s happening in the crypto market, according to Shetty:

Softer inflation readings across major economies have reduced the risk of renewed aggressive tightening. While this has not yet translated into immediate inflows into crypto markets, it has eased real rate pressures, an important consideration for bitcoin’s longer-term valuation. Cooling dynamics in bond markets reflect this gradual recalibration of expectations.

At the same time, strong performance in global equities suggests a baseline level of risk appetite. Historically, such environments have supported firmer pricing in large-cap crypto assets like Bitcoin and Ethereum, alongside selective strength in higher-beta tokens.

However, the dollar remains range-bound as markets await fresh macro data, leaving crypto price action driven more by positioning, leverage, and short-term flows than new fundamental catalysts. Softer oil prices have also contributed to easing inflation expectations.

Bitcoin is likely to stay range-bound in the short term. Technicals show RSI hovering near neutral, indicating no strong momentum, while price continues to trade close to key short-term moving averages, suggesting consolidation. With macro signals largely priced in, near-term moves are driven more by positioning than fresh directional conviction.