The crypto market weakened along with global risk assets as investors retreated ahead of key US economic data, extending a December slump marked by thinner liquidity and growing caution across markets.
Bitcoin fell toward $85,800 in Asian trade, down more than 4% over the past week, as selling pressure spread across major tokens.
Ether fell to about $2,930, while solana , and all posted weekly losses of more than 5%, indicating a broad retreat rather than token-specific stress.
Macro Outlook
The move reflected weakness across global markets. Asian stocks fell sharply, with the MSCI Asia Pacific Index falling 1.3%, while U.S. stock futures softened ahead of Tuesday’s November jobs report, which is expected to show a cooling labor market.
The dollar hovered near two-month lows and the yen strengthened to around 155 per dollar ahead of a widely expected rate hike from the Bank of Japan later this week.
The crypto market capitalization fell to around $3.06 trillion, down 0.2% over 24 hours and more than 2% on the week. While the market has repeatedly defended the $3 trillion level over the past 10 days, analysts say the shift from an uptrend to sideways support is a sign of weakening momentum rather than renewed strength.
“The transition from an uptrend to horizontal support is not a positive signal for buyers,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email. “Selling pressure since late November has broken the short-term structure and the market is now in a consolidation phase with downside risks still in play.”
Sentiment indicators point to increasing unrest. The Crypto Fear and Greed Index has fallen to 16, the lowest level in nearly three weeks, reflecting extreme caution.
The prolonged stay in the fear zone without a clear catalyst reflects periods of economic weakness seen towards the end of previous market cycles.
$81,000 as a starting point
Bitcoin briefly dipped below $87,500 earlier this week before recovering towards $90,000, but the broader technical picture has worsened.
FxPro analysts say a return towards the $81,000 area now represents the base case scenario, although a period of range-bound consolidation remains possible if selling pressure eases.
Still, broader indicators suggest the market is entering a deeper corrective phase. Binance Research estimates that the total crypto market cap has fallen by around 15% over the past 30 days.
December is typically a period of lower liquidity, increasing the risk of sharper price swings as traders adjust exposure before the end of the year.
Prediction markets also reflect a more cautious outlook. On Kalshi, the majority of users expect bitcoin to end the year below $100,000, with the probability of a move above this level only 23%.
