Bitcoin Drops Below $90K Amid Fading Risk Appetite Ahead of Key Macro Events

Market Overview - Bitcoin (BTC) traded below $90,000, specifically around $89,600, reflecting a decrease of approximately 0.9% in the last 24 hours, while still down roughly 7.6% over the past month [1][2] - Ether (ETH) was trading near $3,104, down on the day but up more than 2% over the past week, indicating it outperformed Bitcoin on a weekly basis [2] - The total cryptocurrency market capitalization was nearly $3.15 trillion, approximately 0.8% lower in the past 24 hours, with trading volumes around $89 billion, highlighting thin liquidity typical for Sundays [4] Altcoin Performance - Major altcoins such as Solana, XRP, dogecoin, and Cardano's ADA experienced declines, with double-digit losses over the past month, indicating persistent weakness in the altcoin market [3] - The CoinDesk 20 Index (CD20) dropped almost 1%, further reflecting the subdued market conditions [3] Technical Analysis - Analysts warned that Bitcoin's consolidation could lead to a downward trend if it fails to hold key technical levels, with $86,000 identified as a critical support level [5] Economic Indicators - Markets are pausing ahead of a busy macroeconomic calendar, with U.S. investors focusing on employment indicators and inflation data, which could influence interest rate decisions [6] - The Bank of Japan (BOJ) is expected to raise interest rates at its upcoming meeting, with a potential increase to 0.75%, which could impact global liquidity and risk assets, including cryptocurrencies [7][8] Market Sentiment - Crypto markets remain range-bound with subdued volumes and limited conviction as traders await clearer signals from upcoming U.S. data and central bank decisions [9]