Bitcoin fell to five-day lows on Thursday as repeated attempts to break $94,500 failed, reinforcing a narrow trading range.

BTC dropped below $90,000, sliding from a local high of $91,570 at 01:15 UTC to $91,536. This marked the third rejection at $94,500 following failed attempts on Dec. 4 and Dec. 10. Bitcoin’s range now sits between $85,000 and $94,500, stabilizing after the October selloff from a record $126,220 on Oct. 6 to $80,600 by Nov. 21.

Altcoins lag
Altcoins faced sharp losses, led by Zcash (ZEC), which plunged more than 16% between midnight and 10:00 UTC, while PUMP also fell in double digits. DeFi tokens were hit hardest, with the DeFi index (DFX) down 3.12% and the memecoin index (CDMEME) off 3.09%. The CoinDesk 20, representing large-cap tokens, declined 2.23%. Liquidity constraints exacerbated losses: a $12 million long on ZEC liquidated amid thin order books. ZEC also faces uncertainty after key development team members resigned following a dispute with a supporting nonprofit. CoinMarketCap’s “altcoin season” indicator remains bearish at 23/100, far below September’s 78/100 peak.

Derivatives & positioning
Over $400 million in leveraged crypto futures were liquidated in 24 hours, mostly on bullish positions. Overall futures open interest fell to $140 billion, though BTC OI rose 2% with positive funding rates. ETH, SOL, XRP, ZEC, and SUI saw capital outflows. BTC and ETH puts trade at a premium on Deribit, though short-dated skew has eased. Volatility strategies, including straddles, strangles, and ETH put spreads, remain popular.

Macro backdrop
U.S. equity futures declined, with Nasdaq 100 and S&P 500 down 0.27% and 0.29%, while the dollar index (DXY) has climbed more than 1% since Dec. 24.