The crypto market weakened alongside global risk assets as investors retreated ahead of key U.S. economic data, extending a December slowdown marked by dwindling liquidity and increasing caution in markets.
Bitcoin fell to $85,800 in Asian trading, down more than 4% over the past week as selling pressure spread to major tokens.
Ether slipped to around $2,930, while Solana , And all recorded weekly losses of more than 5%, indicating a broad pullback rather than token-specific stress.
Macro Outlook
The move reflects weakness in global markets. Asian stocks fell sharply, with the MSCI Asia-Pacific index down 1.3%, while U.S. stock futures weakened ahead of Tuesday’s November jobs report, which is expected to show a cooling in the labor market.
The dollar remained near a two-month low and the yen strengthened to around 155 to the dollar ahead of a widely expected rate hike by the Bank of Japan later this week.
The cryptocurrency market cap fell slightly to around $3.06 trillion, down 0.2% over 24 hours and more than 2% over 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 growing unease. The Cryptocurrency Fear and Greed Index fell to 16, its lowest level in nearly three weeks, reflecting extreme caution.
The prolonged stay in fear territory without a clear catalyst echoes periods of cyclical weakness seen toward the end of previous market cycles.
$81,000 as a reference
Bitcoin briefly fell below $87,500 earlier in the week before climbing back towards $90,000, but the broader technical picture deteriorated.
FxPro analysts say a return to the $81,000 area now represents the base case, although a period of range-limited consolidation remains possible if selling pressure eases.
Nonetheless, 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 time of low liquidity, which increases the risk of larger price swings as traders adjust their exposure before the end of the year.
Market forecasts 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 surpassing this level being only 23%.
