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In brief Bitcoin remains trapped in bearish territory below the death cross with weak momentum despite reclaiming $90K. Meanwhile, GameFi tokens lead crypto gains, outpacing Bitcoin’s sideways grind. Axie Infinity (AXS) surged 131% this week, and more than 250% in the last month. While Bitcoin struggles to break out of a multi-month consolidation pattern, trading in the $90,000 zone with bearish charts intact, a different corner of crypto is absolutely ripping. GameFi tokens are posting double-digit gains this week, led by a stunning 131% weekly surge in Axie Infinity and a very solid bounce by The Sandbox. The broader market backdrop is wild. Gold pierced $4,900 per ounce for the first time ever on Thursday, while silver broke past $99—both metals hitting all-time highs as investors rotate out of risk assets. The S&P 500 is headed for its second consecutive weekly decline after President Donald Trump’s Greenland rhetoric and proposed E.U. tariffs sparked a sell-off earlier this week. Goldman Sachs is now calling for gold to hit $5,400 by year-end as the “debasement trade” accelerates. Bitcoin (BTC) price: Death cross deadlock Bitcoin is up a modest 1.6% today, trading at $90,895 after bouncing from Wednesday’s lows around $88,000. That sounds fine on the surface, but the technicals show weakness and indecision among bulls, especially those betting on long-term plays. Bitcoin (BTC) price data. Image: Tradingview The most glaring issue is the bearish pattern that traders refer to as a “death cross,” which formed on Wednesday after invalidating a “golden cross” attempt that only lasted a few days. When the average price of Bitcoin over the last 50 days (also known as the 50-day EMA, or EMA50) sits below the 200-day average, that forms a death cross—a bearish configuration that typically signals downward pressure or at minimum extended sideways action. A…

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Filed under: News - @ January 23, 2026 8:26 pm