Why Crypto Is Going Down Today: BTC Faces Third Rejection at $94K, Altcoins Slide - The Bullish Pause Before the Next Leg Up

Crypto markets hit a speed bump. Bitcoin's latest charge toward the $94,000 summit met a wall for the third time, sending a ripple of red through the altcoin landscape. It's a classic consolidation pattern playing out in real-time—not a retreat, but a regrouping.

The $94K Ceiling: A Temporary Barrier

Three rejections at a key psychological level? For seasoned traders, that screams accumulation, not capitulation. Every major bull run needs these moments of resistance to shake out weak hands and build a stronger foundation. The $94,000 mark isn't a stop sign; it's a checkpoint.

Altcoins Slide: A Healthy Correction

The broader market dip isn't a signal to panic—it's a buying opportunity in disguise. When Bitcoin catches its breath, altcoins often overcorrect. This creates the value gaps smart money waits for. Remember, the most explosive alt seasons are born from these very pullbacks.

The Bigger Picture: Fundamentals Remain Bullish

Ignore the short-term noise. Adoption metrics are vertical, institutional pipelines are full, and the macro backdrop for hard assets is stronger than ever. Today's slide is a blip on a long-term chart heading steeply north. It's the market's way of offering a discount before the next leg up—consider it a gift, if you can stomach the volatility that sends traditional portfolio managers reaching for their antacids.

The crypto market has slipped into a mild correction after starting the week on a strong note. Total market capitalization is down around 1–1.2%, hovering near $3.17 trillion, as traders lock in profits following Bitcoin’s repeated failure to clear the crucial $94,000–$94,500 resistance zone. This marks Bitcoin’s third rejection at this level in just five weeks, triggering selling pressure during the Asia trading session and pushing BTC down toward the $91,500 area before stabilizing.

The pullback comes amid a broader “risk-off” tone across markets. US equity futures also edged lower, reinforcing caution among traders and adding pressure to crypto assets, which have rallied sharply in recent weeks.

Altcoins Underperform as Risk Appetite Cools

Altcoins bore the brunt of the sell-off, underperforming Bitcoin as investors rotated out of higher-risk positions. XRP, Solana, and Dogecoin all posted steeper losses, with XRP dropping over 6–7% and erasing much of its recent monthly gains. This kind of move is typical during short-term corrections, where capital retreats to relatively safer large-cap assets before reassessing risk.

Despite the declines, the broader structure of the altcoin market does not yet signal a full trend reversal. Much of the weakness reflects cooling momentum rather than outright panic.

Liquidations, ETF Flows, and Miner Selling Weigh In

Derivatives markets amplified the downside move. Roughly $465 million in crypto futures positions were liquidated over the past 24 hours, with long positions accounting for more than half of the total. This suggests traders were overexposed after last week’s rally and were forced to reduce leverage as prices slipped.

Spot Bitcoin ETFs also added pressure, recording net outflows of around $243 million in a single day. BlackRock’s IBIT stood out as the lone fund to see inflows, while others saw redemptions. On top of this, reports of miner selling to meet liquidity needs, along with minor BTC liquidations tied to a US Department of Justice case, contributed to short-term supply hitting the market.

Key Levels: How Low Could Bitcoin Go?

Technically, bitcoin has returned to its familiar December trading range between roughly $85,000 and $94,500. Analysts broadly agree that as long as BTC holds above the $88,000–$90,000 zone, the move looks more like consolidation than a breakdown.

Crypto analyst Michaël van de Poppe notes that while the rejection at $94,000 looks harsh, the broader trend remains intact above $89.5K. This level aligns with the 21-day moving average and the uptrend that has held since Bitcoin rebounded from $80,000. A sustained move below that zone WOULD raise red flags, but for now, the structure remains healthy.

Ali Martinez adds that a clear trend will only emerge once Bitcoin achieves a daily close either below $88,000 or above $94,000, suggesting choppy price action may persist in the short term.

Will the Market Recover?

Despite near-term weakness, the broader outlook remains constructive. Bitcoin is still up around 6% in early 2026, ethereum ETFs continue to attract inflows, and macro conditions are gradually turning supportive. Softer US labor data and growing expectations of future rate cuts could improve liquidity, a backdrop that has historically favored crypto.

Overall, the current dip appears more like a healthy reset than the start of a deeper downturn, with markets waiting for a clear catalyst to define the next move.