BTC Fails to Maintain Breakout, Dragging Ether, Dogecoin, and Solana Lower

Bitcoin Slides Toward $90K as Markets Give Back Early-Week Gains

Bitcoin (BTC) slipped toward $90,000 on Thursday as crypto markets unwound much of Tuesday’s rebound, despite the Federal Reserve delivering a widely expected rate cut and resuming Treasury purchases. Earlier in the week, BTC briefly spiked above $94,500, triggering a minor short squeeze, but failed to break the resistance that has capped price for most of the past three weeks.

Major tokens extended weekly losses amid rising volatility. Over $514 million in leveraged positions were liquidated across derivatives venues in the past 24 hours. BTC traded around $90,250, down 2.4%, while Ether (ETH) fell 3.4% to $3,208. Solana (SOL) slid 5.8% to $133.84, and Dogecoin (DOGE) dropped 5.5% to $0.139. Seven-day losses were broad, with XRP down 8.6%, ADA 7.2%, and BNB 5.9%, according to CoinGecko.

The pullback pushed BTC back to the middle of its month-long range, where thin liquidity and concentrated liquidation clusters continue to drive swings. “We’ve seen higher local highs and lows since 21 November,” said Alex Kuptsikevich, senior market analyst at FxPro. “But for the rebound to signal sustained capitalization growth, market cap needs to surpass $3.32 trillion,” roughly 6% above current levels. The global crypto market cap stands near $3.16 trillion.

Leverage played a key role, with CoinGlass reporting $376 million in long positions liquidated—nearly triple the $138 million in short liquidations—as BTC fell below its short-term trend line.

Macro conditions offered little support. While the Fed cut rates, it projected fewer reductions over the next two years, revealing divisions within the committee. Analysts from QCP Capital expect wider BTC trading bands of $84,000–$100,000 through year-end, while Bloomberg Intelligence’s Mike McGlone warned a “Santa Claus rally” may not materialize.

Traders now watch whether BTC can hold the $90,000–$91,000 support zone. A break lower could test the bottom of the current range, while stabilization might set up another challenge to $94,000 resistance as markets digest post-Fed conditions.