Bitcoin traded around $92,000 on Friday after yet another unsuccessful attempt to rise above $93,000, continuing the indecisive price movement that has characterized recent sessions. This trend indicates that sellers remain active in the mid-$93,000s, while buyers are stepping in around $91,000, yet neither side has garnered enough momentum to define a clear market direction.
The one-month chart reveals that Bitcoin is still trapped within a descending structure established since the highs of early November, with the latest rebound forming yet another lower high. Previously hitting around $93,500, Bitcoin has since retreated, maintaining the overarching corrective pattern. With momentum appearing weak, intraday efforts to recover are quickly losing steam, suggesting the presence of thin liquidity above current price levels. A significant drop below $91,000 could lead the cryptocurrency to test its next support level between $90,000 and $90,500. Conversely, bulls must reclaim $93,200 to disrupt the current short-term downtrend.
Meanwhile, large-cap cryptocurrencies exhibited mixed performance as the weekend approached. Ether was trading at approximately $3,150 following minor overnight declines. Solana saw a 4% drop, and XRP fell nearly 5%, while Cardano decreased about 2%. The total market capitalization of cryptocurrencies gained about 1% over the last 24 hours, stabilizing around $3.2 trillion. This uptick follows a slow recovery that began about two weeks ago after a prolonged downward trend lasting seven weeks. Ether stood out as a leading asset over the past week, boasting gains exceeding 5%, and Zcash also demonstrated significant strength earlier in the session.
ETF flow data displayed a notable divergence in market activity. Spot Bitcoin products experienced net outflows of nearly $14.9 million, while ether funds attracted an impressive inflow of $140.2 million. This shift indicates fresh capital being channeled away from Bitcoin and into the Ethereum ecosystem. Liquidation data from the day indicated $45 million in long liquidations for Bitcoin and $50.7 million for shorts. In contrast, Ethereum experienced over $103 million in short liquidations, revealing that traders betting against ether were caught off guard as volatility increased.
Further complicating the trading landscape, macroeconomic data introduced additional uncertainty. U.S. ADP payrolls saw a decrease of 32,000 in November, a figure significantly below expectations, suggesting a more rapid cooling of the labor market. Wage growth also showed signs of slowing, prompting futures markets to assign nearly a 90% probability of a rate cut in December. The dollar index fluctuated sharply as traders recalibrated their rate expectations, resulting in heightened volatility across risk markets.
FxPro analyst Alex Kuptsikevich noted that Bitcoin’s brief approach to $94,000 encountered resistance from sellers that was “not yet too aggressive,” suggesting that the market may not confront stronger resistance until reaching the $98,000–$100,000 range. He emphasized that the reaction at these higher levels would be crucial in determining whether a sustainable recovery is in the works or if the recent gains are merely corrective.
Elsewhere, analysts from Bitunix remarked that the market is navigating a “composite phase of macroeconomic turning-point expectations coupled with internal capital rotation within crypto.” They cited ETF flows and inconsistent liquidation patterns as evidence of divergent risk appetite. Expectations lean towards a continuation of structurally volatile, range-bound trading until Bitcoin either manages to maintain levels above $93,000 or breaks below the $90,500 threshold.
Supportive developments from institutional players have bolstered broader market sentiment. Vanguard recently opened access to crypto ETF trading for its clients, while Bank of America informed institutional customers of potential allocations of 1%–4% of their portfolios to digital assets. Additionally, the CME has launched a VIX-style implied volatility index for Bitcoin futures, with plans for similar products for Ether, Solana, and XRP in the pipeline.
