Bitcoin extended its weekend rebound on Monday, briefly topping $89,000, as traders increasingly priced in a December Federal Reserve rate cut. Altcoins led the broader crypto recovery, reflecting easing macro pressures and improved market sentiment.
Ether (ETH) climbed 4.4% to just under $3,000, in line with the CoinDesk 20 Index. Crypto equities followed, with miners tied to AI and high-performance computing seeing the strongest gains. Amazon’s $50 billion investment in U.S. AI and supercomputing infrastructure added momentum. CleanSpark (CLSK) and Cipher Mining (CIFR) surged 18%, while Hut 8 (HUT), Bitfarms (BITF), IREN, HIVE, and TeraWulf (WULF) posted double-digit gains.
Even digital asset treasuries rebounded sharply. Ethereum-focused BitMine (BMNR) rose nearly 20%, Solana Company (HSDT) gained 16%, and Avalanche treasury AVAX One (AVX) added 10.4%. Bitcoin treasury firms Strive (ASST) and MetaPlanet (MTPLF) advanced 10.7% and 8.7%, while MicroStrategy (MSTR) climbed 5%.
The crypto rally coincided with gains in U.S. equities: the Nasdaq rose 2.6% and the S&P 500 advanced 1.5% following last week’s sell-off.
Market optimism was bolstered by San Francisco Fed President Mary Daly, who expressed support for a December rate cut, citing labor-market vulnerabilities. Her stance, aligned with Fed Chair Jerome Powell, pushed traders to price an 85% chance of a 25-basis-point cut at the Dec. 10 meeting, up from 42% a week ago, according to CME FedWatch data.
$100K Resistance Ahead
Despite the rebound, analysts caution Bitcoin faces strong resistance near $100,000.
“After the macro unwind, the market is now positioned for consolidation,” said Jasper De Maere, OTC trader at Wintermute. With funding rates neutral-to-negative, lower leverage, and healthier spot volumes, he expects the recovery to remain steady and orderly, rather than a rapid push to new highs.
