Bitcoin traded around $90,815 on Wednesday, down roughly 1 per cent over the past 24 hours, as the cryptocurrency retreated from early January highs that briefly pushed prices toward $94,700 earlier this week.
The pullback leaves bitcoin approximately 3 per cent below its recent seven-day peak after the cryptocurrency surged more than 8 per cent in the first days of 2026, according to market data.
Daily trading volume stood near $52 billion while bitcoin’s total market capitalisation slipped to about $1.82 trillion.
The retreat marks a pause after bitcoin broke out of a multi-week consolidation range that capped prices through much of December. The $91,000 level, which previously acted as resistance has now become a key short-term support zone.
Traders are monitoring a US Supreme Court ruling scheduled for January 9 and could rule on the legality of President Trump’s tariffs on that day.
Prediction markets suggest a high probability the court will strike down the tariffs, a decision that could force policy adjustments with implications for risk assets including cryptocurrencies.
The early 2026 price action follows a turbulent 2025 for bitcoin which ended the year down approximately 6 per cent despite supportive regulatory developments under the Trump administration.
Bitcoin’s record high and retreat
The cryptocurrency rallied to an all-time high of around $126,000 in October before declining sharply.
Bitcoin began 2025 on a strong footing but faded after momentum weakened in February, dropping to $80,000 and then further to $76,000 in April before recovering to peak at $126,000 in early October.
The final quarter saw sideways trading between $86,000 and $94,000.
Institutional interest in bitcoin has continued to grow, particularly from Middle Eastern investors. The Abu Dhabi Investment Council tripled its position in the BlackRock iShares Bitcoin Trust ETF in the third quarter of 2025, increasing holdings by 230 per cent to $517.6 million.
In May 2025, Al Abraaj Restaurants Group became the first publicly traded company in Bahrain, the GCC and the Middle East to acquire bitcoin as a treasury asset. The company acquired an initial five bitcoin and announced plans to allocate a significant portion of its treasury into the cryptocurrency.
Crypto revenue surges in UAE
The UAE’s cryptocurrency market is projected to generate $395.9 million in revenue by year-end 2025, with a compound annual growth rate of 8.74 per cent expected through 2033. The UAE recorded $25 billion in cumulative institutional crypto investments by year-end 2025.
US-listed bitcoin exchange-traded funds recorded nearly $700 million in net inflows on Monday, the strongest single-day total since October. The demand represents more than 7,000 bitcoin, exceeding daily new issuance from miners.
Bernstein maintained its forecast that bitcoin will reach $150,000 in 2026 and $200,000 in 2027. Ripple CEO Brad Garlinghouse predicted bitcoin could reach $180,000 in 2026, citing institutional adoption, clearer regulations and the arrival of major asset managers in the ETF space.
Industry executives and investors surveyed have forecast prices for bitcoin in 2026 ranging from $75,000 to $225,000.
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