Crypto prices extended their December slide alongside broader risk assets as investors pared exposure ahead of key U.S. economic data, with thinning liquidity amplifying caution across markets.

Bitcoin fell toward $85,800 during Asian trading, down more than 4% over the past week, as selling pressure spread across major tokens. Ether slipped to around $2,930, while solana, XRP and dogecoin each recorded weekly losses exceeding 5%, underscoring a broad-based retreat rather than token-specific weakness.

The move tracked softness across global markets. Asian equities declined sharply, with the MSCI Asia Pacific Index down 1.3%, while U.S. equity futures edged lower ahead of Tuesday’s November jobs report, which is expected to signal a cooling labor market. The dollar hovered near two-month lows, and the yen strengthened to around 155 per dollar as markets positioned for a widely anticipated Bank of Japan rate hike later this week.

Total crypto market capitalization slipped to roughly $3.06 trillion, down 0.2% over the past 24 hours and more than 2% on the week. While the market has repeatedly defended the $3 trillion threshold in recent sessions, analysts say the shift from an upward trend to sideways support points to fading momentum rather than renewed strength.

“The transition from an uptrend to horizontal support is not a positive signal for buyers,” said Alex Kuptsikevich, chief market analyst at FxPro, in an email. “Selling pressure since late November has broken the short-term structure, leaving the market in a consolidation phase with downside risks still present.”

Sentiment indicators reflect growing unease. The crypto fear and greed index has fallen to 16, its lowest reading in nearly three weeks, signaling extreme caution. Prolonged weakness without a clear catalyst mirrors late-cycle patterns seen toward the end of previous market cycles.

Bitcoin briefly dipped below $87,500 earlier in the week before rebounding toward $90,000, but the broader technical outlook has continued to deteriorate. FxPro analysts now see a move toward the $81,000 area as the baseline scenario, though a period of range-bound consolidation remains possible if selling pressure subsides.

Broader metrics point to a deeper corrective phase. Binance Research estimates total crypto market capitalization has declined roughly 15% over the past 30 days. December’s typically lower liquidity further increases the risk of sharper price swings as traders rebalance portfolios ahead of year-end.

Prediction markets echo the cautious tone. On Kalshi, most users expect bitcoin to finish the year below $100,000, with the probability of a move above that level standing at just 23%.