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Bitcoin dipped toward $90,000 on Thursday as the crypto market retraced much of Tuesday’s gains, with overall risk appetite weakening despite the Federal Reserve’s anticipated rate cut and renewed Treasury purchases.
Major cryptocurrencies continued to post losses, with over $514 million in leveraged positions liquidated in the last day as volatility surged across trading platforms.
BTC was trading around $90,250, down 2.4% in the past 24 hours. Ether dropped 3.4% to $3,208, while Solana declined by 5.8% and fell 5.5%. Weekly returns for almost all major tokens remained negative, with XRP down 8.6%, ADA down 7.2%, and BNB down 5.9%, as reported by CoinGecko.
This decline follows Tuesday’s brief rally above $94,500, which triggered a minor short squeeze but ultimately failed to breach the resistance that has constrained bitcoin for the greater part of the past three weeks. The rejection pushed BTC back into the mid-range of its month-long price pattern, where liquidity is limited, and liquidation clusters continue to affect price fluctuations.
“Technically, we have seen a succession of higher local highs and lows since November 21,” Alex Kuptsikevich, senior market analyst at FxPro, mentioned in a CoinDesk email.
“However, to definitively characterize the rebound as the beginning of an upward trend, it must exceed $3.32 trillion,” which is approximately 6% above current figures. The global crypto market capitalization is currently around $3.16 trillion, having risen by 2.5% from earlier in the week, but still below Tuesday’s peak of $3.21 trillion.
Leverage played a crucial role in the decline on Thursday. According to data from CoinGlass, $376 million in long positions were forcibly liquidated over a 24-hour period—almost three times the $138 million in short liquidations—as BTC fell back below its short-term trend line.
Wider macroeconomic conditions offered minimal assistance. Despite the Fed announcing another rate cut on Wednesday, officials anticipated fewer cuts over the next two years, indicating significant divisions within the committee.
Additionally, QCP Capital advised clients earlier this week to prepare for wider bitcoin trading ranges between $84,000 and $100,000 heading into year-end, attributing this to a combination of reduced liquidity and ongoing positioning mismatches.
Bloomberg Intelligence strategist Mike McGlone similarly cautioned that a “Santa Claus rally” might not occur, predicting that BTC could end the year below $84,000.
For the time being, traders are monitoring whether BTC can sustain support in the $90,000–$91,000 zone—an area that has been frequently tested over the last month.
A decisive drop below this level could open up the lower end of the current range, while stabilization might pave the way for another attempt at overcoming the $94,000 resistance as markets adjust in the wake of the Fed’s decisions.
