Bitcoin Consolidates Around $91,300 Amid Macro Uncertainties and ETF Developments
Bitcoin is currently trading around $91,300, down over 2.2% in the past 24 hours, with the CD20 index down about 3.2%. The cryptocurrency price has been consolidating within the $92,000 to $93,000 range after reaching a weekly high near $94,000 and a low of $80,600 in November. Technically, Bitcoin bounced from a weekly low below $80,000, showing bullish RSI divergence, with the next resistance level near $94,000; a break above this resistance could signal an upward trend.
The macroeconomic environment includes a record-long US government shutdown causing delays in labor data releases, with the Personal Consumption Expenditures (PCE) inflation gauge expected later today. Additionally, layoffs tied to artificial intelligence and the release of older data are impacting market sentiment. The Federal Reserve is expected to cut interest rates this month, a move likely to support risk assets.
In the institutional space, Vanguard has opened access to crypto ETFs. Bank of America wealth advisers are now able to recommend up to 4% of client portfolios to digital assets. Charles Schwab plans to offer trading of Bitcoin and Ethereum starting in early 2026.
Market indicators reflect a rebound in digital assets after a 35% drawdown, with Bitcoin dominance at approximately 59.27%, the Ether/BTC ratio around 0.03437, the Binance BTC funding rate near 0.0056% (about 6.11% annualized), and the Bitcoin network hashrate at around 1,036 EH/s. Spot Bitcoin ETFs show a daily net outflow of $194.6 million but maintain a cumulative inflow of $57.54 billion, while Spot Ethereum ETFs have a daily net outflow of $41.5 million and a cumulative inflow of $12.97 billion. Total Bitcoin holdings are about 1.31 million coins, and Ethereum holdings stand near 6.29 million.
Today's calendar includes a QuickSwap AMA (Dec 5), Canada's unemployment rate estimated at 7%, and US economic data on University of Michigan Consumer Sentiment and the PCE Price Index.
