The crypto market took a breather ahead of critical jobs data, with major digital assets slipping as traders cashed in profits from last week's rally. Bitcoin (BTC) is hovering around $91,000 after getting rejected at a key resistance level, while the broader market digests recent gains.
Where The Market Stands
Here's the snapshot of major cryptocurrencies:
- Bitcoin (BTC): $91,000
- Ethereum (ETH): $3,147
- Solana (SOL): $136.01
- XRP (XRP): $2.18
- Dogecoin (DOGE): $0.1463
- Shiba Inu (SHIB): $0.058780
Market Pain Points
It wasn't a pretty day for overleveraged positions. Coinglass data shows 94,861 traders were liquidated in the past 24 hours, losing a collective $303.85 million. That's what happens when volatility meets leverage in a sideways grind.
Meanwhile, institutional money showed mixed signals. SoSoValue data reveals spot Bitcoin ETFs experienced net outflows of $243.2 million on Tuesday, suggesting some profit-taking at the institutional level. On the flip side, spot Ethereum ETFs saw net inflows of $114.7 million, indicating selective appetite for altcoin exposure.
The day's biggest losers included Dash, Mantle, and Artificial Superintelligence Alliance.
What Traders Are Watching
Analyst Michael van de Poppe noted that Bitcoin is stuck in a neutral consolidation phase after failing to push through $94,000. He's expecting a short-term bounce over the next one to two days, followed by another attempt at breaking that resistance later this week.
The bullish setup would fall apart if BTC loses trend support, likely signaled by a break below the 21-day moving average.
Van de Poppe also pointed out an interesting divergence: Bitcoin is correcting even as the Nasdaq continues rallying. That's happened before. With expectations for further Federal Reserve balance sheet expansion and rising risk-on appetite, he believes the broader macro backdrop remains supportive. In that environment, pullbacks typically represent buying opportunities, especially with equities trading near all-time highs.
Crypto trader Jelle observed that Bitcoin's price action remains choppy, but sellers have failed to push it below $91,500. Bitcoin is holding daily support, which has brought buyers back into the market. A sweep of local lows could set up a move back toward the $94,500 area, he suggested.
With major jobs data on the horizon, the crypto market is essentially in wait-and-see mode. The employment numbers could influence Federal Reserve policy expectations, which in turn affect risk assets across the board. For now, Bitcoin traders are defending support levels while waiting for either a catalyst or clearer direction from macro forces.