Bitcoin remains stable in the $80,000 range as improved risk sentiment has led markets to increase the probability of a December rate cut to 85%, according to QCP analysis. Despite this optimism, high inflation and weakening labor data continue to pose challenges, with upcoming unemployment and ADP reports expected to further test macroeconomic expectations. Crypto fund flows remain weak, with ETFs experiencing continued net outflows and most products trading below 1 mNAV. As the year-end approaches, Bitcoin faces significant downside hedging pressure, with supply constraints potentially limiting price advances towards $90,000. The $80,000 to $82,000 range remains a critical support zone.