Markets Today: Bitcoin retreats as Asian trading drags down altcoins.

Bitcoin slid during Asian trading hours after failing to break above $94,500, dragging the broader crypto market lower.

BTC $90,338.24 dropped to around $91,530 by 10:00 a.m. UTC, down from a local high near $93,750 at midnight. This marked Bitcoin’s third failed attempt in five weeks to surpass the $94,500 level.

Altcoins underperformed, with PENGU and XRP falling 6.5% and 3.5% since midnight. Bitcoin is now trading within December’s range of roughly $85,000 to $94,500, continuing a decline that began in October.

Risk-off sentiment is rising, reflected in U.S. equities, with Nasdaq 100 futures down 0.32% in pre-market trading. Over the past 24 hours, crypto futures liquidations totaled $465 million, with longs accounting for more than half. This contrasts with the prior two days, when shorts dominated liquidations.

Cumulative open interest across global crypto futures remains above $143 billion — the highest in nearly two months — with moderately positive funding rates signaling continued bullish positioning. Open interest in XRP, DOGE, SUI, and ZEC dropped 5%-6%, likely reflecting profit-taking after recent gains. CME Bitcoin futures show OI rising from 100K BTC to 111K BTC since Dec. 30, still below last year’s 191K BTC.

Memecoins and privacy coins led losses, with ZEC ($423.54) down 4.5% and the CoinDesk Memecoin Index falling 1.5%, roughly twice the decline of the CoinDesk 5 index.

DeFi showed resilience, with total value locked up 0.17% over 24 hours despite declining prices. TRX ($0.2950) also bucked the broader trend, gaining 1.2% over the past day. CoinMarketCap’s “altcoin season” indicator sits at 25/100, signaling cautious optimism.