Bitcoin's promising start to 2026 hit a speed bump this week as the world's largest cryptocurrency retreated below the $91,000 level, pressured by a wave of outflows from spot Bitcoin exchange-traded funds that reached their highest point since November.

The digital asset was trading around $90,815 on Thursday, down roughly 1% over the past 24 hours and approximately 3% below its recent seven-day high near $94,700. The pullback comes after Bitcoin surged more than 8% in the opening days of 2026, briefly touching $94,000 on renewed institutional enthusiasm.

ETF Outflows Weigh on Sentiment

The catalyst for the retreat appears to be a sharp reversal in spot Bitcoin ETF flows. After attracting billions in fresh capital during the final weeks of 2025, the 11 U.S.-listed spot Bitcoin ETFs saw their largest single-day outflows since November, according to data tracked by Bloomberg.

The outflow surge caught many traders off guard, particularly given the bullish positioning that had built up in the options market heading into the new year. Open interest in Bitcoin call options had reached record levels as traders bet on prices exceeding $100,000 in the first quarter.

"The decline is not being driven by panic selling, but by hesitation. Buyers appear reluctant to push prices higher, likely sensing that the current sentiment lacks the depth needed to sustain another extended rally."

— Market analysts at XS.com

Wall Street Remains Bullish Despite Pullback

Despite the near-term weakness, institutional analysts are largely maintaining their optimistic outlooks for Bitcoin in 2026. Research firm Bernstein issued a note this week stating that Bitcoin and broader digital asset markets have likely found their bottom.

The firm pointed to November's low around $80,000 as the floor for this cycle and maintained its forecast that Bitcoin will reach $150,000 by the end of 2026 and $200,000 by 2027. Standard Chartered has a similar $150,000 target, though the bank recently trimmed that estimate from an earlier call of $300,000.

Macro Catalysts in Focus

Traders are increasingly focused on macroeconomic factors that could influence Bitcoin's trajectory in the coming weeks. Chief among these is today's Supreme Court ruling on the legality of President Donald Trump's global tariff regime, which could have significant implications for risk assets broadly.

The cryptocurrency has increasingly traded in correlation with technology stocks and other risk-on assets, making it sensitive to shifts in economic policy expectations. The Federal Reserve's path forward on interest rates—with officials currently split on whether further cuts are needed—adds another layer of uncertainty.

2026 Price Predictions Span Wide Range

Industry executives and analysts have offered a remarkably wide range of Bitcoin price predictions for 2026, reflecting the asset's inherent volatility. Forecasts range from a low of $75,000 to a high of $225,000, with most institutional targets clustering between $125,000 and $175,000.

The divergence in outlooks stems partly from differing views on regulatory developments under the Trump administration. Crypto-friendly policy moves could accelerate institutional adoption, while unexpected regulatory headwinds could dampen enthusiasm.

Key Levels to Watch

  • Support: $89,000-$90,000 represents the immediate support zone. A break below could trigger a test of $85,000.
  • Resistance: Bitcoin needs to reclaim $95,000 to revive bullish momentum, with $100,000 representing major psychological resistance.
  • Volatility: Options markets are pricing elevated volatility through February, suggesting traders expect significant price swings.

The Bottom Line for Investors

Bitcoin's pullback from $94,700 to below $91,000 represents a relatively modest 4% correction—well within normal parameters for an asset known for 20-30% drawdowns during bull markets. The surge in ETF outflows warrants monitoring, but hasn't fundamentally altered the bullish case for 2026.

For long-term investors, the current consolidation may present an opportunity to add exposure at more attractive levels. However, those with shorter time horizons should be prepared for continued volatility as the market digests the Supreme Court ruling and incoming economic data.

The next major test for Bitcoin bulls will be whether the $90,000 support level holds and whether ETF inflows resume. A decisive break above $95,000 would signal that the January rally has more room to run, while a failure at $89,000 could open the door to a deeper correction toward the November lows.