Bitcoin slips to nearly $95,000 as Senate delay and risk-off moves weigh on crypto

Bitcoin BTC$66,765.75 and other major cryptocurrencies dipped on Thursday after a key crypto market structure bill stalled in the U.S. Senate, further cooling sentiment after a recent rally.

Bitcoin pulled back to almost $95,000 after rising to a two-month high near $97,000, with trading volume down 13% over the past 24 hours. Ether (ETH) remained range-bound around $3,300, while XRP (XRP) and DOGE$0.09818 fell 2.66% and 4.23%, respectively.

The pullback followed news that the Senate Banking Committee postponed markup on the market structure bill after opposition from parts of the industry. Shares of crypto-linked firms also fell, with Strategy and Coinbase closing down 4.7% and 6.5%.

More than $320 million was liquidated from crypto markets over the past day, according to Coinglass, with long positions accounting for about 81% of the total. Bitcoin’s open interest fell 2.31%, though more than half of Binance traders with open BTC positions remained long.

Some analysts said Thursday’s move looked like a pause rather than a reversal, while market watchers at crypto and currency exchange B2BINPAY said bitcoin appears to be moving out of a long consolidation phase.

“What we see with Bitcoin is that it’s gradually moving out of the long flat phase that began in mid-November 2025. There is no sharp burst of activity on the chart, and that usually means a pause before the market makes another attempt to test the $100,000 level,” the analysts said.

They also said leverage hasn’t reached frothy levels. “Funding rates and open interest are far from extreme levels, with total OI [open interest] around $65B… the market isn’t stretched.”

Separately, bitcoin’s move toward $98,000 on Wednesday brought it to what some technicians call the 61.8% Fibonacci level of the prior decline from $126,000 to $80,000 — a common “retracement” marker traders use to judge whether a rebound is strong enough to keep going. In simple terms, it’s a spot where rallies often pause, and pushing cleanly through it is seen as a sign buyers still have control.

Meanwhile, market mood softened alongside prices. The Crypto Fear & Greed Index slipped back into neutral territory after briefly moving into “greed” earlier this week.

Outside crypto, broader markets sent 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 could reopen a push toward $100,000, while further weakness would suggest the market is still digesting recent gains.