Altcoins Are in the Red: Why Is Crypto Down Today (1/29/26)?

Jakarta, Pintu News – Crypto and cryptocurrency markets opened lower on Thursday (29/1/26), with pressure seen across almost all digital assets. Global market capitalization fell significantly, while Bitcoin (BTC) again failed to break through key psychological levels. This condition had a greater impact on altcoins, which recorded a deeper correction. The weakness fueled investors’ concerns about the market’s direction in the short term.

Crypto market capitalization falls, sentiment remains fragile

The total crypto market capitalization was recorded to fall by around USD 44 billion or equivalent to IDR 735.4 trillion, bringing it to around USD 2.95 trillion or around IDR 49,316 trillion. This decline indicates that selling pressure is still dominating although the rate of decline has begun to slow down. After a bearish weekend, the market is trying to find a new balance point. However, investor confidence has not fully recovered.

On the macro front, the Federal Reserve’s decision to hold its benchmark interest rate at 3.50-3.75 percent signaled a relatively neutral policy. Although it reduces fears of further tightening, its impact on the crypto market is still limited. Global investors tend to wait for certainty on the next direction of the economy. As a result, the cryptocurrency market has not been able to record a meaningful recovery.

Read also: HYPE Price Soars, Silver Trade an Unexpected Catalyst?

Bitcoin Fails to Break Key Levels

Bitcoin (BTC) is trading at around USD 88,127 or around Rp1.47 billion after experiencing continued selling pressure. The failure to break the USD 90,000 level has reinforced the cautious sentiment in the market. High volatility makes market participants reluctant to take aggressive positions. BTC is now moving near a crucial technical area.

If the pressure continues, Bitcoin has the potential to test support around USD 86,987 or IDR 1.45 billion. This level coincides with an important Fibonacci retracement zone that is often an area of price resistance. Conversely, a recovery could occur if buying interest strengthens again. A break above USD 90,000 would signal a short-term reversal.

Also read: February 2026 Solana Price Prediction: Test Resistance Area at $147, Potential Return to $200?

Altcoins under pressure, River plummets the most

Market pressure is most pronounced in the altcoin segment. River (RIVER) recorded the deepest decline with a correction of about 27 percent in the last 24 hours. The price dropped to around USD 47 after breaking important support at USD 61. This movement reflects weakening momentum and increasing downside risks.

If capital outflows continue, RIVER has the potential to drop towards the next support around USD 36 or IDR 601,700. Failure to hold at this level could open room for a deeper correction. However, chances of recovery remain if market sentiment improves. Altcoins in general are still very dependent on the direction of Bitcoin’s movement.

To conclude, today’s crypto market weakness was triggered by a combination of technical pressure and unstable macro sentiment. Bitcoin remains stuck below key levels, while altcoins experienced a sharper correction. Despite some positive news from the industry, the overall market is still on the defensive. In the near term, the direction of crypto will be largely determined by Bitcoin’s ability to lead the market recovery.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Why Is The Crypto Market Down Today? Accessed January 29, 2026
• Featured Image: Generated by AI