Major cryptocurrencies collectively pull back, Bitcoin returns to the key $91,000 support level

Bitcoin continued to consolidate near $92,000 on Friday, once again failing to break above $93,000 overnight, further solidifying the recent trading range. The current market structure remains defined by bears capping the price in the mid-$93,000s and bulls providing support near $91,000, but neither side has sufficient momentum to establish a clear trend.

Looking at the monthly trend, Bitcoin is still in a descending structure since the early November highs, with recent rebounds forming even lower highs, suggesting the corrective trend is intact. Weak momentum and quick pullbacks indicate liquidity above $93,200 remains thin. If $91,000 is breached, the next key support lies in the $90,000–$90,500 range; to the upside, a breakout above $93,200 is needed to reverse the short-term downtrend.

Major altcoins showed mixed performance ahead of the weekend. Ethereum held near $3,150, Solana fell 4%, XRP dropped nearly 5%, and Cardano slipped about 2%. Despite broader market pressure, total market capitalization grew by about 1% over the past 24 hours, approaching $3.2 trillion, extending the slow recovery of the past two weeks.

In terms of capital flows, spot Bitcoin ETFs saw a net outflow of $14.9 million, while Ethereum ETFs attracted a net inflow of $140.2 million, indicating that funds are temporarily shifting from Bitcoin to the Ethereum ecosystem. Liquidation data shows Bitcoin long and short positions are relatively balanced, while Ethereum short liquidations reached $103 million, highlighting that many ETH short traders were caught off guard by increased volatility.

On the macro front, US ADP employment numbers for November decreased by 32,000, indicating further cooling of the labor market and deepening expectations for a rate cut in December (probability near 90%). The US Dollar Index fluctuated, increasing volatility in risk assets.

Analysts generally believe that Bitcoin needs to break above $93,000 or fall below $90,500 to exit the current range. FxPro analysts noted that true strong resistance may lie in the $98,000–$100,000 range. Bitunix pointed out that the market is currently in a phase of “macro expectation shifts + internal crypto capital rotation,” with ETF flows and liquidation structure imbalances reflecting divergent risk appetites.

Institutional developments continue to provide support for the market, such as Vanguard opening crypto ETF trading, Bank of America suggesting institutions may allocate 1%–4% to digital assets, and CME launching implied volatility indices for BTC and major altcoins.

Overall, the market is expected to remain structurally range-bound in the short term, with the key focus on whether Bitcoin can hold the $91,000 support or break through the $93,200 resistance.