Why Bitcoin Keeps Imploding on Small Moves w/ Scott Melker

Watch on YouTube ↗  |  January 21, 2026 at 19:45  |  36:09  |  Milk Road Daily
Speakers
Scott Melker — Host of The Wolf Of All Streets

Summary

In this episode, Scott Melker joins the Milk Road Show to discuss the crypto market's recent volatility, highlighting how small Bitcoin price moves are triggering massive liquidations due to excessive leverage. He explains the underappreciated macro impact of Japan's bond market turmoil and the unwinding yen carry trade, and shares his views on the Clarity Act's unlikely passage. Melker remains positive on Bitcoin as an uncorrelated portfolio asset but sees a potential technical downside to $58K-$60K, and he warns that silver looks parabolic and toppy.

  • Bitcoin saw $1B+ liquidations on 2-3% moves, driven by extreme leverage.
  • Scott Melker outlines a bearish technical scenario targeting $58K-$60K for Bitcoin.
  • Melker views Bitcoin as a valuable uncorrelated asset for portfolio diversification.
  • Japan's bond market turmoil and yen carry trade unwind are key macro drivers.
  • Clarity Act unlikely to pass this year due to political disagreements.
  • Silver looks parabolic and toppy; Melker's gut says sell.
  • Macro uncertainty from Trump and geopolitics weighs on crypto.
Ideas
Scott Melker Host of The Wolf Of All Streets 1:21
Bitcoin may retrace to $58K-$60K.
Scott Melker sees a growing technical consensus that Bitcoin could retrace to $58,000-$60,000 if a bear market is confirmed. The setup is based on a potential bear flag resolution and a retest of the weekly 200 moving average, which has historically been touched in past cycles. While he doesn't think it will happen today, he presents it as a worst-case scenario worth monitoring.
BTC MED
Scott Melker Host of The Wolf Of All Streets 11:15
Japan's bond turmoil drives global selling.
Scott Melker highlights Japan's bond market turmoil as an underappreciated macro force. He explains that Japan's yield curve control has ended, causing interest rates to soar and bonds to crash. This is unwinding the yen carry trade, forcing global investors to sell assets bought with borrowed yen, which creates broad selling pressure across markets. He sees this as a key driver of market uncertainty.
Japanese government bonds MED
Scott Melker Host of The Wolf Of All Streets 30:58
Silver looks overheated and toppy.
Scott Melker thinks the silver chart looks parabolic and very toppy. He notes that the sentiment among silver bugs is reminiscent of past FOMO-driven tops, with passionate holders potentially overallocated. While he acknowledges he can't rule out further upside due to geopolitical risks or central bank buying, his gut instinct says sell and he would be hard-pressed to go all in on silver at these levels.
SILVER HIGH
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This Milk Road Daily video, published January 21, 2026, features Scott Melker discussing BTC, Japanese government bonds, SILVER. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Scott Melker  · Tickers: BTC, Japanese government bonds, SILVER