In this video: The crypto market is sitting on a razor's edge. Chief Market Strategist Gareth Soloway reveals that Bitcoin and Ethereum are barely clinging to their bear flag support levels. If these levels give way, the technicals suggest a significant correction is coming—with Bitcoin potentially sliding to the $69,000–$74,000 range and Ethereum hitting $2,100.
In today's deep dive, Gareth breaks down these high-probability setups and explains why the "smart money" is preparing for a flush. He also analyzes the charts for Solana (SOL) and XRP, identifying his institutional-grade "Buy Zones" for investors looking to capitalize on the volatility. Video by Gareth Soloway.
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As of January 22, 2026, Bitcoin and Ethereum are navigating critical technical support levels following a sharp sell-off on January 21, which saw over $1.7 billion in total liquidations across the crypto market. Technical analysts have flagged "bear flag" formations on daily charts, suggesting that if key support zones fail to hold, a further "flush" or capitulation event remains a significant risk in the near term.
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Bitcoin (BTC) Technical Outlook
Bitcoin is currently trading near $89,000, roughly 30% below its October 2025 peak of $126,000.
--Bear Flag Alert: Analysts have identified a potential bear flag formation with a critical support pivot at $87,000.
--Imminent Risk: A decisive break below $85,000–$87,000 could trigger a cascade of liquidations targeting $76,000 or lower.
--Momentum: The daily 200-day moving average (DMA) turned bearish in late 2025, and current price action is hovering below the 20-day and 50-day EMA cluster (~$91,600–$91,900), which now acts as resistance.
Ethereum (ETH) Technical Outlook
Ethereum is testing the psychological $3,000 level, having recently slipped to around $2,935.
--Bear Flag Alert: Similar to Bitcoin, ETH is trading within a channel that technical studies suggest is a bearish flag. A confirmed breakout below this pattern could result in a 44% correction from breakout levels.
--Imminent Risk: Losing the $2,880 support could trigger a drop toward $2,500. Further downside targets identified by analysts include $2,140 and even $1,320 if the full bearish pattern completes.
--On-Chain Pressure: Recent whale movements of over 110,000 ETH (~$330M) have increased sell-side pressure.
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