January 29, 2026, marks a turning point in global financial markets. While Bitcoin records its lowest annual level between $85,000 and $88,000, gold reaches historic highs beyond $5,500 per ounce, and Microsoft triggers a 2% drop in the Nasdaq despite quarterly results exceeding expectations. This confluence of events signals the end of the « everything goes up » phase and reshapes the macro landscape for the rest of the year.
Bitcoin Tests New Annual Low
Aggregated data confirms that Bitcoin trades within a range of $87,400 to $89,200 on January 29, closing around $87,500. According to official communications from Binance, the price stands at approximately $88,000 at 11:00 UTC, marking a 1.5% decline over 24 hours. The official Bitcoin account on X mentions an intraday price of $87,884 at 13:43 UTC.
This movement does not constitute an isolated crash, but rather a breathing phase in a structural bull market. After reaching a peak above $95,000 in early January, Bitcoin undergoes progressive distribution amplified by the macroeconomic context: volatility in real rates, geopolitical tensions, and massive rotation toward gold.
Gold: A Near-Parabolic Rally
The other major protagonist of this day is gold, which displays spectacular performance. Trading Economics data shows a price of $5,507 per ounce on January 29, 2026, up 1.6% over 24 hours, after reaching a historic high near $5,608 earlier in the month.
The figures are impressive: gold gains nearly 97% over one year and more than 25% in just one month. Fortune notes that at $5,520 per ounce, the precious metal has more than doubled in the space of a year. Reuters describes this movement as a « record-setting rally » fueled by growing macroeconomic and geopolitical uncertainties.
This « debasement trade » – the flight from fiat currencies and bonds in favor of tangible assets – largely explains gold’s spectacular surge. Investors who bought gold as protection against inflation and geopolitical instability are now beginning to secure some of their gains, creating increased volatility across all assets.
Microsoft Shakes American Tech
The third pillar of this turbulent day concerns Microsoft and its impact on the Nasdaq. Despite objectively solid results for Q2 fiscal 2026 – $81.27 billion in revenue and EPS of $4.14, above expectations – the stock loses about 6% in Frankfurt and more than 5% at the Wall Street opening.
Three factors explain this negative market reaction:
- Azure Slowdown: Timid guidance around 37-38% growth disappoints while the market expected more
- AI Spending Explosion: A record capex of $37.5 billion this quarter weighs on margins and raises questions about the timing of return on investment
- « AI Costs More Than It Earns » Narrative: This discourse generates a global disengagement movement on big tech, leading to a Nasdaq decline of approximately 2%
Markets become hypersensitive to the slightest nuance in cloud growth prospects and massive AI-related spending. This nervousness directly impacts high-beta assets, of which Bitcoin is part.
A New Macro Regime Emerges
January 29, 2026, perfectly illustrates the new market regime taking hold. Bitcoin no longer evolves in isolation but is now caught in a complex macroeconomic matrix. Its movements are synchronized with real rates, flows toward gold, and appetite for technology stocks.
Gold, with its price doubling over one year, becomes a serious competitor for the « store of value » narrative long claimed by Bitcoin. « Digital gold » must now coexist with a « real gold » that has become extremely performant in a context of geopolitical tensions and distrust of sovereign debt.
On the AI side, the enthusiasm of 2023-2025 gives way to a digestion phase. Investors realize that colossal investments must be financed before seeing tangible capital returns. The market punishes this temporal gap, increasing index volatility and, by contagion effect, cryptocurrency volatility.
Outlook for Crypto Investors
To navigate this new environment, crypto investors must now integrate several dimensions into their analysis:
- Monitoring Gold and Real Rates: These indicators have become inseparable from any Bitcoin cycle analysis
- Tracking Big Tech Results: Tech giants’ earnings serve as leading indicators of risk appetite
- Dynamic Correlation: Bitcoin sits between two worlds – risky asset but carrying a monetary narrative close to gold
Several scenarios emerge for the coming weeks. A Bitcoin rebound remains possible if markets digest AI investments and gold consolidates calmly. Conversely, continued correction could occur if gold pursues its violent profit-taking phase and technology stocks remain under pressure.
This day of January 29, 2026, is not a simple market accident. It expresses the emergence of a new regime where correlation between cryptocurrencies, gold, and big tech becomes a central element of the investment game. For savvy investors, it’s less a crisis than an opportunity for strategic repositioning in a financial landscape undergoing full recomposition.
