After a positive start this business week that took Bitcoin to a 30-day high of $94,000, sellers managed to briefly drag down the coin’s price to $89,700 before a quick price correction took it back to $90,300. Top 5 market coins Ethereum, XRP, and BNB are all trading in the red column, counting losses as much as 7% in the last 24 hours.Bitcoin tumbled below $90,000 for a brief period on Thursday morning, while Ethereum tanked to $3,120, causing an unwelcome market bloodbath heading into the end of the week. At the time of this reporting, the largest coin by market cap had walked slowly back above $90,300.In the past 24 hours, Bitcoin fell 2.7%, Ethereum lost 4.1%, while XRP, Binance Coin (BNB), Solana, Dogecoin, Cardano, and Hyperliquid declined as much as 4%. The overall crypto market has tanked by 2.9% during the same period, according to CoinGecko data.Crypto market turn to profit taking as liquidations take charge When Bitcoin attempted to surpass $94,000 earlier in the session, sellers took control of the market and pushed it back into the $91,000–$92,000 range. Some market watchers believe holders have begun profit-taking, coupled with long liquidations, which reached $150 million in the last four hours, according to CoinGlass data. Looking beyond Thursday’s losses, Bitcoin and Ethereum recorded weekly gains of 3.2% and 5.1%, respectively. Other tokens, including XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Hyperliquid posted up to 20% gains in the seven days ending Wednesday.Bitcoin’s daily chart reveals that the asset briefly broke above its October downtrend into late December, only to face heavy resistance last Tuesday. According to market watchers on X, the crypto’s support levels now lie at $87,496 and $85,982–$86,291, based on retracement of the corrected October price rally and December lows. Bulls are holding their ground at the $83,712–$84,000 price marks, derived from the 2025 weekly low close and 38.2% retracement of the 2022 advance. If the sellers move close and breach this threshold, the market could witness another multi-month downtrend eyeing the next target between $78,342–$79,127, levels last seen in April 2025.CryptoQuant’s SOPR Ratio, which measures realized profitability between Long-Term Holders (LTH) and Short-Term Holders (STH), has also gone weak. The ratio dropped below 1 when Bitcoin tanked from highs near $110,000–$120,000 in October down to the current $91,000 status, which means short-term holders are realizing losses while long-term holders are shedding their November 2024 to Q4 2025 profits. Ethereum faces institutional selling pressureEthereum’s US institutional interest is waning, owing to the $98.45 spot ETF outflow counted on Wednesday. Moreover, the Ethereum Coinbase Premium Gap, which compares prices on Coinbase to Binance, has flipped negative. The 14-day simple moving average dropped to -2.285, the lowest since February last year, spelling stronger selling pressures on US-based exchanges. The negative premium poses a hurdle for Ethereum to reclaim the $3,300 resistance level. As seen on CoinGecko’s charts, the crypto has struggled to shake off the effects of “doomtober,” where it peaked at $4,700 and fell steeply back to the $3,200 zone, failing to climb back up to $3,500 since November 15.US jobs data in play: Markets recovery could be delayedCrypto markets have been influenced by several factors in 2026, including geopolitical troubles between the US and Venezuela. However, the US labor market data released yesterday could have influenced today’s price shedding. As reported by the ADP, private employers added 41,000 new positions in December, a modest rebound after November’s revised decline of 29,000 jobs. ADP Chief Economist Nela Richardson noted that “even in those sectors that shed jobs this month, the shedding was not as strong as last month,” because December’s gains were more positive than expected. Economists suggest that investors are now looking at both jobs data and future Supreme Court decisions on global tariffs to find signs that could affect how much risk they are willing to take in digital assets. Join a premium crypto trading community free for 30 days - normally $100/mo.