Bitcoin remains unable to surpass the $91,000 mark despite favorable conditions in the US stock market and rising gold prices. Traders are closely watching the Federal Reserve's potential interest rate cut on December 10, with CME Group data indicating an 87% probability of a rate reduction. This expectation is fueled by signs of weakness in the US job market, as continuing claims reached 1.96 million in mid-November.
Despite these macroeconomic factors, Bitcoin's momentum is hindered by stagnant ETF inflows and a cautious derivatives market. The demand for BTC put options has increased, reflecting uncertainty among investors. Additionally, Bitcoin futures maintain a 4% premium over spot markets, indicating a lack of appetite for leveraged long positions. Meanwhile, SpaceX's recent movement of 1,163 BTC has sparked speculation about potential sales, adding to market hesitancy.
President Trump's tax-cut plans and easing concerns in the AI sector have bolstered investor confidence in scarce assets like gold and silver. However, Bitcoin's path to $100,000 seems increasingly independent of broader macro trends, as its correlation with tech stocks diminishes. Sustained support above $90,000 could strengthen bullish sentiment, contingent on renewed ETF inflows and central bank liquidity measures.
Bitcoin Struggles to Break $91K Amid Fed Rate-Cut Speculation
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