The crypto markets look like they're taking a breather. Bitcoin is camping out around $90,000, sentiment is decidedly neutral, and nobody seems quite ready to make a bold move ahead of key labor market data. Meanwhile, liquidations over the past 24 hours hit $222.72 million, a reminder that even sideways markets can be painful for leveraged traders.

The ETF picture isn't exactly inspiring confidence either. Bitcoin ETFs hemorrhaged $398.95 million in net outflows on Thursday, while Ethereum ETFs shed $159.2 million. That's more than half a billion dollars heading for the exits in a single day.

The Technical Picture: Old Resistance Meets New Support

Crypto trader Jelle pointed out something interesting about Bitcoin's current position. The level that kept a lid on prices for weeks is now being tested as potential support. It's one of those chart patterns that makes technical analysts very excited.

Daan Crypto Trades offered a broader perspective, noting that Bitcoin has basically moved sideways relative to the S&P 500 for the past two months. It's sitting near the breakout level from November 2024, right after Donald Trump's election win. He called this area critical for bulls to defend and described it as a fair-value zone relative to equities, though he suggested more consolidation might be necessary before any sustained move materializes.

Ethereum is holding up better than you might expect. Jelle said it remains one of the stronger major tokens after forming a higher low at key support, with lower timeframes pointing toward a potential near-term bounce. The magic number everyone's watching is $4,000, which represents the key breakout zone where momentum could really accelerate.

Elsewhere in the market, Cryptoinsightuk noted that XRP narrowly missed a short-term area of interest and is waiting for a cleaner swing-trade entry. Crypto Tony sounded more optimistic about Solana, saying it looks strong with bulls eyeing a move toward $150.

The meme coin sector isn't having a great time either. The broader meme coin market dropped 2.9% over the past day, slipping below a $50 billion market capitalization. Even the joke coins are taking this seriously.