Bitcoin and major cryptocurrencies dropped as a key market bill stalled in the U.S. Senate, with Bitcoin falling to $95,000 from a high near $97,000, while Ether, XRP, and dogecoin also saw declines.

The Senate Banking Committee delayed the market structure bill markup, causing shares of crypto-linked firms like Strategy and Coinbase to fall, with over $320 million liquidated from crypto markets in the past day.

Analysts see the pullback as a pause rather than a reversal, with bitcoin potentially moving out of a long consolidation phase and gradually testing the $100,000 level.

Bitcoin’s move toward $98,000 hit a key Fibonacci level, indicating a potential pause in the rally, as the Crypto Fear & Greed Index returned to neutral territory after briefly reaching “greed.”

U.S. stocks rebounded, jobless claims were lower than expected, and oil prices eased as President Trump softened his stance on Iran, while the market awaits further direction to see if Bitcoin can push towards $100,000 or if weakness persists.

Read more at Yahoo Finance: Bitcoin slips to nearly $95,000 as Senate delay and risk-off moves weigh on crypto