On Friday, Bitcoin prices hovered around $92,000 after another failed attempt overnight to break through the $93,000 mark, continuing the choppy and directionless trend seen over the past several trading days.

This move reinforced the pattern that has existed since late November: sellers defending in the mid-$93,000 range, and buyers stepping in around $91,000, with neither side gaining enough momentum to establish a clear trend.

A one-month chart shows Bitcoin prices remain in a downtrend since early November’s highs, with the latest rebound producing another lower high. Prices peaked near $93,500 before pulling back, maintaining the overall corrective structure.

Momentum remains weak, with intraday rebound attempts quickly fading—indicating that liquidity and support above current levels are still thin. If $91,000 breaks, the next support may be between $90,000 and $90,500; bulls need to reclaim $93,200 to end the short-term downtrend.

Heading into the weekend, major cryptocurrencies showed divergent movements. Ethereum traded around $3,150 after a minor overnight drop; Solana fell 4%, and XRP dropped nearly 5%. Cardano was down about 2%. Over the past 24 hours, total market capitalization grew by about 1%, approaching $3.2 trillion, continuing a slow recovery that began nearly two weeks ago after a seven-week decline.

Over the past week, Ethereum (ETH) led major assets with a gain of more than 5%. Zcash also performed well, posting strong gains during early trading hours.

ETF flows showed clear divergence. Spot Bitcoin products saw net outflows of $14.9 million, while Ethereum funds recorded net inflows of $140.2 million, suggesting new capital is rotating from Bitcoin to the Ethereum ecosystem.

Liquidation data from the past day showed Bitcoin long liquidations near $45 million and short liquidations at $50.7 million. Meanwhile, Ethereum short liquidations topped $103 million—indicating that, as volatility increased, traders shorting Ethereum misjudged the market and ended up trapped.

Macroeconomic data added uncertainty. The US November ADP nonfarm employment numbers fell by 32,000, far below expectations, indicating a faster cooling of the labor market. Wage growth slowed, and futures markets now see nearly a 90% probability of a rate cut in December.

As traders adjusted rate expectations, the US dollar index fluctuated sharply, and volatility in risk markets expanded overall.

FxPro analyst Alex Kuptsikevich noted that when Bitcoin briefly tested $94,000 earlier, it encountered “not yet very strong” resistance from sellers, adding that the market may not face stronger resistance until the $98,000 to $100,000 region.

He pointed out that how the market reacts at higher levels will help determine whether a more sustainable recovery is forming or if the recent gains are merely corrective.

On the other hand, Bitunix analysts stated that the market has entered a “combined phase of anticipated macroeconomic turning points and internal capital rotation within cryptocurrencies,” noting that uneven ETF flows and liquidation patterns are evidence of diverging risk appetite.

They expect Bitcoin to continue showing structural volatility and range-bound trading until it either holds above $93,000 or breaks below $90,500.

Institutional moves have boosted overall market sentiment. Vanguard Group has opened cryptocurrency ETF trading to clients. This week, Bank of America informed institutional clients they can allocate 1% to 4% of their portfolios to digital assets. Chicago Mercantile Exchange (CME) has launched a VIX implied volatility index for Bitcoin futures, with versions for Ethereum, Solana, and XRP to follow.