Bitcoin Struggles to Break $93,000 Despite Positive Market Trends
- Bitcoin (BTC) failed to reclaim $93,000 amidst a strong US stock market and rising gold prices.
- Demand for BTC put options increased while ETF inflows remained stagnant, adding pressure on Bitcoin’s momentum.
- Traders now see an 87% chance of an interest rate cut by the Federal Reserve on December 10, up from last week’s estimate of 71%.
- In the week ending November 28, Bitcoin ETFs saw only $70 million in net asset growth.
- SpaceX moved over $102 million worth of BTC to new addresses, raising speculation about potential sales.
Despite easing macroeconomic conditions and positive trends in traditional markets, Bitcoin’s performance remains tied to its ability to hold above $90,000 as traders assess liquidity support amid a softening job market.
Currently, Bitcoin’s price stability hinges on maintaining above $90k while ETF inflows remain sluggish and demand for put options persists. (Source)
