Bitcoin (BTC) slid to $90,000 by 10:30 GMT, down 1.3% on the day, following an unsuccessful attempt to breach the $95,000 resistance level.
Earlier in the week, price action had tested the mid-$94,000 zone, but persistent selling pressure around $95,000 prevented further upside and triggered a short-term pullback.
Trading volumes remain thin, amplifying the impact of relatively small net outflows. Spot Bitcoin ETFs posted mixed results over the past week, with some funds recording modest inflows while others posted outflows of around $243 million, indicating uneven institutional participation.
This suggests that while longer-term holders continue to accumulate on dips, the market lacks sustained buying at higher levels.
Macro factors also continue to influence sentiment. US equity futures softened overnight, indicating cautious positioning ahead of key economic releases, including January jobs data and anticipated commentary from the Federal Reserve. Bitcoin’s correlation with risk-on assets has become more evident in these sessions, with price reactions mirroring shifts in broader market sentiment.
Ethereum and XRP followed Bitcoin lower. Ether dipped below $3,200, trimming recent gains recorded after early-year network upgrades and staking inflows. XRP fell after earlier strength driven by spot ETF flows.
Technically, Bitcoin remains range-bound between $84,000 and $95,000, with $95,000 continuing to act as a significant ceiling.
On-chain data shows accumulation by long-term holders, yet overall trading activity suggests the market is digesting previous gains and awaiting fresh catalysts to determine the next directional move. The repeated rejections near $95,000 reinforce the importance of that level as a resistance zone.