Bitcoin Pulls Back from $93K as Ethereum Sees Rising Inflows Amid Liquidity Shift
Bitcoin traded around $92,000 on Friday following another failed attempt to break above $93,000 overnight, keeping the market within the same volatile range it has experienced since late November. Sellers continued to defend the $93,000 level, while buyers found support at $91,000, with neither side able to establish a clear trend. The monthly chart shows Bitcoin remaining in a bearish structure since early November, after touching $93,500 and retreating. Momentum remains weak, and recovery attempts have quickly faded due to limited liquidity. A drop below $91,000 could expose the next support level at $90,000–$90,500, while a move above $93,200 is required to invalidate the short-term downtrend.
Mixed Performance Among Large-Cap Cryptocurrencies
The performance of major cryptocurrencies was mixed. Ethereum settled at $3,150, while Solana fell 4%, Ripple declined 5%, and Cardano dropped about 2%. Despite these declines, total market capitalization rose 1% to $3.2 trillion, continuing its gradual recovery. Ethereum led last week with gains exceeding 5%, and Zcash also showed strong performance. On spot exchanges, Bitcoin spot products recorded outflows of $14.9 million, while Ethereum saw inflows of $140.2 million, signaling a shift of liquidity toward the Ethereum ecosystem.
In the past few hours, Bitcoin experienced long liquidations of $45 million and $50.7 million, while Ethereum saw short liquidations exceeding $103 million, highlighting the escalating volatility in the market.
Macroeconomic Data Influences Market Sentiment
US macroeconomic data added to market uncertainty. The ADP report showed a decrease of 32,000 jobs in November, prompting a 90% probability of an interest rate cut in December. The dollar index also fluctuated significantly as investors reassessed expectations regarding US monetary policy.
Institutional developments provided a boost to sentiment. Vanguard began trading digital asset funds, and Bank of America announced that clients could allocate 1%–4% of their portfolios to digital assets. Additionally, CME launched an implied volatility index for Bitcoin futures, with plans to introduce similar indices for Ethereum, Solana, and Ripple, reflecting growing institutional support and market maturity.
