Bitcoin BTC$89,477.17 hovered just below the $90,000 mark during Asian trading hours on Friday as gains in regional equities and a weaker U.S. dollar failed to translate into sustained upside for crypto after a volatile week.
The largest cryptocurrency traded around $89,800, little changed on the session, but remained under pressure after struggling to build momentum following this week’s liquidation-driven selloff.
While Asian stock markets climbed to record highs and investors continued rotating toward non-U.S. assets, crypto prices lagged, signaling a more cautious tone toward higher-volatility trades.
Asian equities pushed higher, with the MSCI Asia Pacific Index rising to a fresh record and emerging-market stocks extending gains. U.S. equity futures pointed modestly higher ahead of the New York open, though the advance was smaller than that seen across Asia.
The dollar stayed soft after its sharp slide earlier in the week, supporting commodities and keeping gold near $5,000 an ounce.
That macro backdrop has steadied broader risk sentiment, but crypto’s response has been muted. Bitcoin briefly dipped below $98,000 earlier in the week amid more than $1 billion in forced liquidations. Since then, prices have consolidated rather than rebounded decisively.
Ether slipped toward $2,970, while major tokens including solana, cardano and XRP edged lower on the day, according to CoinGecko data. Most large-cap tokens remain down between 7% and 12% over the past week, showing how fragile sentiment remains despite calmer conditions in equities and currencies.
Market participants continue to frame crypto as a high-beta extension of global risk appetite, reacting more to shifts in the dollar, bonds and equity markets than to crypto-specific developments.
“Crypto is still trading as a volatility amplifier rather than a defensive asset,” said Wenny Cai, chief operating officer at Synfutures. “The liquidation flush cleared excess leverage, but uncertainty around policy, funding costs and regulation is keeping investors selective rather than aggressive.”
The weaker dollar has historically provided some support for bitcoin, but the relationship has been inconsistent, particularly when investors favor assets with clearer cash flows or yield. For now, crypto appears stuck in a holding pattern.
As the U.S. session approaches, traders will be watching whether strength in equities and emerging markets pulls crypto higher, or if bitcoin remains pinned below $90,000 while confidence rebuilds slowly after a mixed start to the year.
