Crypto markets stay cautious as BTC struggles under $91k, ETH near $3k mark

Crypto markets remained fragile on Friday as Bitcoin and Ethereum consolidated after a sharp pullback, with price action reflecting caution amid shifting macroeconomic conditions. Amid this, more than $1.5 billion in outflows from spot Bitcoin ETFs this week, analysts said, point to a near-term moderation in institutional risk appetite.

 

Bitcoin continued to trade below the $91,000 mark after failing to reclaim the $92,000–$95,000 resistance zone, keeping the broader technical structure weak. The world’s largest cryptocurrency was trading flat at $89,870, with a 24-hour trading volume of $34.22 billion, according to CoinMarketCap. Over the past 24 hours, Bitcoin moved in a narrow range between $88,438 and $90,220. Bitcoin is now nearly 29 per cent below its all-time high of $126,198, recorded on October 7, 2025.

 

 

Ethereum also drew attention as exchange reserves fell to around 16.2 million ETH, the lowest level since 2016, indicating reduced sell-side supply. At the time of writing, Ethereum was down 1.39 per cent at $2,969, with a 24-hour trading volume of $20.88 billion. The token traded between $2,905 and $3,023 during the past day.

 

Analysts weigh in

Macro factors continue to weigh on market sentiment, said Riya Sehgal, research analyst at Delta Exchange. However, she added that longer-term adoption trends remain supportive, with institutional use of stablecoins and on-chain settlement infrastructure continuing to deepen.

 

Sehgal noted that derivatives market data suggests professional traders are positioned defensively rather than outright bearish. “Funding rates remain subdued, while options activity is concentrated in volatility-based strategies, signalling expectations of consolidation and choppy trading,” she said.

 

She also highlighted that more than $1.5 billion in outflows from spot Bitcoin ETFs this week reflect reduced institutional risk appetite in the near term.

 

Akshat Siddhant, lead quant analyst at Mudrex, said crypto markets are awaiting a clear catalyst to set the next directional move, with macroeconomic and geopolitical uncertainties keeping activity subdued. “Despite this, underlying sentiment remains constructive, with institutional conviction evident as Michael Saylor signals further Bitcoin accumulation even at current levels,” Siddhant said.

 

From a technical perspective, the CoinSwitchMarket Desk said Bitcoin is consolidating just below the $90,000 level after rebounding from the $88,600–$88,800 demand zone, which continues to act as a key support. The upside move has stalled amid near-term supply pressure, driven by more than 17,000 BTC flowing to exchanges between January 20 and 21. However, price holding near $90,000 suggests underlying conviction remains intact despite broader risk-off sentiment.

 

“Structurally, as long as BTC holds above $89,000, price action favours consolidation over a trend reversal. A decisive break above $90,000 could unlock upside, with significant short-side liquidity between $90,000–$92,000 and extending towards $93,000–$94,000,” CoinSwitchMarket said.

 

For Ethereum, analysts said a sustained move above $3,100 could open the path towards $3,400, while $2,850 remains a strong support zone.

 

Altcoins trade mixed

The broader altcoin market showed mixed sentiment. LayerZero (ZRO), Axie Infinity (AXS), Lighter (LIT), XDC Network (XDC), TRON (TRX), PAX Gold (PAXG), Tether Gold (XAUt), Zcash (ZEC), Algorand (ALGO), Quant (QNT), Sky (SKY), Virtuals Protocol (VIRTUAL), Aptos (APT), Pi (PI), Ondo (ONDO), Nexo (NEXO), DoubleZero (2Z), The Sandbox (SAND), MemeCore (M), Litecoin (LTC), Aster (ASTER), and Monero (XMR) gained between 1 and 20 per cent.

 

Meanwhile, Chiliz (CHZ), Midnight (NIGHT), Pump.fun (PUMP), Immutable (IMX), Dash (DASH), Arbitrum (ARB), Pepe (PEPE), Canton (CC), MYX Finance (MYX), Story (IP), Bittensor (TAO), Toncoin (TON), Pudgy Penguins (PENGU), Polygon (POL), VeChain (VET), Stacks (STX), XRP (XRP), Optimism (OP), Ethereum (ETH), Avalanche (AVAX), Kaspa (KAS), Uniswap (UNI), Lido DAO (LDO), Dogecoin (DOGE), Mantle (MNT), Filecoin (FIL), OFFICIAL TRUMP (TRUMP), Bonk (BONK), and Solana (SOL) declined between 1 and 5 per cent.