Solana, XRP, ETH Extend Losses as Bitcoin’s $91K Support Back in Focus

Market Overview - Bitcoin is currently trading around $92,000, struggling to break above $93,000, indicating a lack of clear direction in recent sessions [1] - The one-month chart shows Bitcoin locked in a descending structure since early November, with the latest rebound resulting in a lower high, maintaining a broader corrective pattern [2] - Momentum remains weak, with intraday recovery attempts fading quickly, suggesting thin liquidity above current levels [3] Price Levels and Trends - A break below $91,000 could lead to support at $90,000–$90,500, while reclaiming $93,200 is necessary for bulls to invalidate the short-term downtrend [3] - Large-cap cryptocurrencies showed mixed performance, with Ether trading around $3,150, Solana down 4%, and XRP falling nearly 5% [4] - Market capitalization increased by approximately 1% in the past 24 hours, reaching near $3.2 trillion, indicating a slow recovery after a seven-week downturn [4] ETF Flows and Liquidations - There was a divergence in ETF flows, with spot Bitcoin products experiencing net outflows of $14.9 million, while Ether funds saw inflows of $140.2 million, indicating a rotation of capital from Bitcoin to Ethereum [5] - Liquidation data showed nearly $45 million in long liquidations for Bitcoin and over $103 million in short-side liquidations for Ether, suggesting volatility in the market [5] Macro Economic Factors - U.S. ADP payrolls fell by 32,000 in November, below expectations, indicating a cooling labor market, with futures markets now pricing in a 90% probability of a December rate cut [6] - The dollar index experienced sharp swings as traders adjusted their rate expectations, contributing to increased volatility in risk markets [6] Analyst Insights - An analyst noted that Bitcoin's brief test of $94,000 faced resistance from sellers, suggesting that stronger pushback may not occur until the $98,000–$100,000 range [7]