Bitcoin Pushes Toward $90K as DXY Hits 4-Year Low – January 2026

Bitcoin pushed toward $90,000 on January 28 as the US Dollar Index (DXY) slid below 96, its lowest level since February 2022, with traders positioned ahead of the Federal Reserve’s 2:00 PM ET rate decision and 2:30 PM ET press conference. Gold hit a record $5,282 per ounce the same day, reinforcing the macro “weak dollar” tailwind for risk assets.

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Context: Bitcoin pushes toward $90K

DXY’s drop accelerated after the New York Fed carried out unusual USD/JPY “rate checks” on January 23, a market signal often tied to monitoring for possible intervention dynamics. Reports also noted a break below a long-term support trendline, adding momentum to the move.

The dollar selloff intensified after President Donald Trump publicly praised the dollar’s weakness on January 27, according to multiple market reports. In parallel, safe-haven demand pushed gold to fresh records, with spot prices reported around $5,282.

Details

Bitcoin was quoted at $89,876 in late-January coverage, keeping it just below the $90,000 psychological level rather than decisively above it. Another data source shows Bitcoin’s January 28 range in the high-$89,000s, consistent with a “push toward $90K” framing.

Ethereum traded around $3,021 on January 28 and was up roughly 3% day-on-day, placing it back above the $3,000 level referenced by traders. ETH’s relative strength also showed up in the ETH/BTC ratio, which data providers marked up about 3.97% over 24 hours.

In DeFi-linked price action, Hyperliquid’s HYPE token was up roughly 25%–29% over 24 hours across major trackers. Hyperliquid’s commodities narrative strengthened as reports said silver perpetuals reached about $1.2 billion in 24-hour volume, with silver becoming the platform’s second-most-traded contract behind Bitcoin.

Impact

The Fed meeting carried extra political sensitivity after the Department of Justice served the Fed with grand jury subpoenas earlier in January, prompting a public response from Chair Jerome H. Powell. “Those are pretexts. The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President.” – Jerome H. Powell, Federal Reserve Chair, January 11, 2026, Federal Reserve.

Macro data also turned sharply negative: the Conference Board’s Consumer Confidence Index fell to 84.5, the lowest since May 2014. “Confidence collapsed in January, as consumer concerns about both the present situation and expectations for the future deepened. All five components of the Index deteriorated, driving the overall Index to its lowest level since May 2014.” – Dana Peterson, Chief Economist, The Conference Board, January 27, 2026, The Conference Board.

The report showed the Present Situation Index at 113.7 and the Expectations Index at 65.1, with the expectations gauge below the 80 level the Conference Board associates with recession risk. Separately, silver’s surge added to the cross-asset inflation and hedging narrative, with one widely-circulated price snapshot putting silver at $114.09 per ounce on January 28.

Next Steps

The Fed was widely expected to hold rates at 3.50%–3.75%, shifting market focus to Powell’s guidance rather than the decision itself. Derivatives and mainstream previews pointed to a split between the Fed’s prior “one cut” signaling and Wall Street expectations for two cuts in 2026, which makes the press conference the key volatility trigger.

Attention also remained on Governor Stephen Miran’s voting posture after prior coverage described him as a Trump appointee who had pushed for deeper cuts, including 50-basis-point dissents. His term was reported to end on January 31, 2026, putting a firm calendar edge on the Fed’s internal dynamics.

Crypto sentiment stayed cautious but off the lows, with the Crypto Fear & Greed Index cited at 29 (“Fear”) in late-January market reporting. With Bitcoin still hovering just below $90,000, traders were watching whether macro headlines keep driving flows into BTC, ETH, and selective DeFi names.

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P.S. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research and make independent decisions.