Short covering and steady dip buying are helping bitcoin cling to the $90,000 level, according to market makers Flowdesk and QCP, though prediction markets continue to signal little confidence in a rally toward $96,000.
Flowdesk says bitcoin’s move back above $90,000 appears to be part of a broader year-end rotation into risk assets rather than a crypto-led breakout. The firm notes that rising expectations of a December Fed rate cut have encouraged traders to unwind shorts and step back in on weakness, helping to stabilize conditions following last week’s sharp pullback.
QCP warns that the macro narrative remains challenging. Inflation is proving stubborn, labor indicators are softening, and credit concerns are emerging—particularly in AI-related equities. These factors, combined with persistent ETF outflows, could limit the strength and longevity of the current relief bounce.
Prediction markets reflect the same rangebound outlook. Polymarket data shows traders giving roughly a 74% chance that bitcoin’s weekly high will remain capped near $92,000 through the end of November. Expectations for a move toward $96,000 sit firmly in single-digit territory, aligning with desk commentary that any advance into the mid-$90,000s is likely to run into ETF-driven supply.
Support remains concentrated between $80,000 and $82,000 after last week’s washout. With volatility crushed during the U.S. holiday stretch and most desks turning their attention to the Federal Reserve’s December 12 meeting, crypto continues to trade primarily as a macro vehicle. Without a meaningful shift in the broader economic backdrop, sideways action remains the most probable scenario.
BTC: Bitcoin is stuck in a narrow range in the low $90,000s, buoyed by short covering but consistently capped by ETF-related selling pressure.
ETH: Ether is inching above $3,000, attracting some dip buyers yet still lacking sustained momentum after a month of heavier relative downside.
Gold: Gold continues its push higher as falling yields, a softer dollar, geopolitical uncertainty, and moderation in AI and crypto enthusiasm draw investors toward safe havens. Wells Fargo’s Sameer Samana told Kitco News the uptrend remains intact, with prices consolidating between $4,150 and $4,170 after failing to hold above $4,160.
Nikkei 225: Asia-Pacific equities traded mixed on Friday. Flat U.S. futures kept the Nasdaq on course to snap its seven-month winning streak, while Tokyo inflation once again exceeded the Bank of Japan’s 2% target. The Nikkei 225 slipped 0.19% ahead of India’s GDP release.
