Bitcoin retreated to about $90,000 amid thin liquidity, failing to clear a $94,500 resistance and leaving the market confined to a roughly $85,000–$94,500 range. Altcoins posted broad losses as large ETF outflows and weak macro signals amplified selling.
Bitcoin price showed a clear consolidation with several smaller tokens, including Zcash (ZEC), PUMP and DASH, recorded double‑digit declines; a $12 million ZEC long liquidation highlighted how thin order books exaggerated losses. Over $400 million of leveraged futures positions were liquidated in the past 24 hours, largely wiping out bullish bets.
The move matters for institutional investors and product teams because low market depth increased forced liquidations and erased recent gains, testing custody, risk and execution assumptions across venues.
Analysts expect continued consolidation. “Analysts anticipate Bitcoin to trade sideways through the first quarter of 2026, with a projected consolidation range between $88,000 and $95,000,” the market assessment said. That outlook frames current volatility as a recalibration rather than a definitive regime change.
Drivers: ETF flows, macro pressure and on‑chain developments
Institutional flows were the clearest proximate driver. On Wednesday, Bitcoin spot ETFs recorded the largest single‑day withdrawal since November 2025, and Ethereum ETFs reversed a short streak of inflows. These institutional outflows coincided with softer US equity futures and a stronger dollar, pressuring risk assets broadly.
On‑chain developments remain relevant for product teams and compliance. SegWit (activated in 2017) and Taproot (introduced in 2021) improved transaction efficiency, privacy and smart‑contract flexibility on Bitcoin. The emergence of Ordinals and BRC‑20 tokens is creating new use cases and liquidity patterns within the BTC ecosystem, even as short‑term price action is driven by macro and flow dynamics.
Investors, product managers and compliance officers should track ETF flow data and macroeconomic indicators in the coming weeks; sustained inflows or clearer macro signals will be needed to reverse the current consolidation.
The evolution of Bitcoin’s application layer—particularly Ordinals and token standards—remains a medium‑term variable that could reshape liquidity and custody requirements through Q1 2026.
