Bitcoin BTC$90,193.08 slipped toward $90,000 on Thursday as crypto markets unwound much of Tuesday’s rebound, with broad risk appetite weakening despite the Federal Reserve delivering a widely expected rate cut and restarting Treasury purchases.

Major tokens extended weekly losses, and more than $514 million in leveraged positions were wiped out over the past day as volatility picked up across derivatives venues.

BTC traded around $90,250, down 2.4% over 24 hours. Ether ETH$3,202.29 fell 3.4% to $3,208, while Solana SOL$130.92 slid 5.8% and DOGE$0.1382 dropped 5.5%. Seven-day returns remained negative for nearly every large-cap token, as XRP is down 8.6%, ADA 7.2%, and BNB 5.9%, according to CoinGecko data.

The pullback follows Tuesday's brief spike above $94,500, a move that triggered a minor short squeeze but failed to break the resistance that has capped bitcoin for most of the past three weeks. The rejection sent BTC back into the middle of its month-long range, where market depth remains thin and liquidation clusters continue to influence price swings.

“Strictly speaking, we have observed a series of higher local highs and lows since 21 November,” said Alex Kuptsikevich, senior market analyst at FxPro, told CoinDesk in an email.

“However, to definitively classify the rebound as the start of capitalization growth, it needs to surpass $3.32 trillion,” about 6% above current levels. Global crypto market cap stands near $3.16 trillion, up 2.5% from earlier in the week but still below Tuesday’s $3.21 trillion local high.

Leverage was a major factor in Thursday’s decline. Data from CoinGlass shows $376 million in long positions were forcibly closed over 24 hours — nearly triple the $138 million in short liquidations — as BTC slipped back below its short-term trend line.

Macro conditions offered little support. Although the Fed delivered another rate cut on Wednesday, policymakers projected fewer reductions over the next two years, revealing a sharp split inside the committee.

Elsewhere, QCP Capital told clients earlier this week to expect wider bitcoin trading bands between $84,000 and $100,000 into year-end, citing a mix of reduced liquidity and persistent positioning imbalances.

Bloomberg Intelligence strategist Mike McGlone similarly warned that a “Santa Claus rally” may not materialize, forecasting BTC could finish the year below $84,000.

For now, traders are watching whether BTC can maintain footing near the $90,000–$91,000 area — a support region tested repeatedly over the past month.

A decisive break lower would expose the bottom end of the current range, while stabilization could set the stage for another attempt at $94,000 resistance as markets recalibrate post-Fed.