Bitcoin retreated to nearly $95,000 on Thursday, pulling back from a two-month high near $97,000, as risk-off sentiment gripped crypto markets. The slide followed news that the U.S. Senate Banking Committee postponed markup on a key market structure bill after industry opposition, cooling a recent rally. Trading volume dropped 13% over the past 24 hours.
Ether held steady around $3,300, while altcoins felt the heat: XRP fell 2.66% and Dogecoin dropped 4.23%. The downturn extended to crypto-linked stocks, with Strategy and Coinbase closing down 4.7% and 6.5%, respectively. Over $320 million in crypto positions were liquidated in the last day, with longs accounting for about 81% of the total, according to Coinglass. Bitcoin’s open interest slipped 2.31%, though more than half of Binance traders with open BTC positions remained long.
Analysts framed the move as a pause rather than a reversal. Market watchers at B2BINPAY noted Bitcoin appears to be exiting the long consolidation phase that began in mid-November 2025, with no sharp activity spike—a classic sign the market is catching its breath before another shot at $100,000. They added that leverage isn’t frothy: funding rates and open interest remain moderate, with total OI around $65 billion, suggesting the market isn’t stretched.
Technically, Bitcoin’s Wednesday push toward $98,000 brought it to the 61.8% Fibonacci retracement level from the prior decline between $126,000 and $80,000—a common spot where rallies often pause. Breaking cleanly through could signal buyers still hold the reins. Meanwhile, the Crypto Fear & Greed Index slipped back into neutral after briefly touching "greed" earlier this week.
Broader markets offered mixed signals: U.S. stocks rebounded, jobless claims came in below expectations, and oil prices eased after President Donald Trump softened his stance on Iran. A sustained hold here could reopen the path toward $100,000, while further weakness would suggest the market is still digesting recent gains.
