Bitcoin Dips Amid Overhead Supply Concerns as Gold Hits Record High, US Stocks Rise on Strong Q3 GDP
Bitcoin was trading around $87,341 in early Asia, down 1.5%, facing resistance from an overhead supply cluster between $94,000 and $120,000 which limits a sustained rebound. Bitfinex analysts described the market structure as top-heavy and similar to early 2022, with sell pressure constraining upside rallies.
In equities, the MSCI Asia Pacific index opened about 0.2% higher, supported by gains in Japan and South Korea, while Australia declined in a shortened session. US stocks strengthened on Wall Street, buoyed by data showing the fastest Q3 GDP growth in two years at an annualized 4.3%. This pushed yields higher and helped sustain demand for growth stocks.
Gold prices rose above $4,500 an ounce for the first time, trading near $4,520, driven by safe-haven demand amid geopolitical tensions and expectations of rate cuts. The total crypto market capitalization stood around $3.03 trillion, down about 1% during the session.
The geopolitical and policy environment included US pressure on Venezuelan oil flows amid a Trump administration blockade, which increased market risk hedging. Former President Trump expressed a desire for a rate cut amid ongoing Federal Reserve leadership uncertainty, influencing future monetary policy expectations.
The Trump administration also delayed new tariffs on Chinese semiconductor imports until mid-2027, signaling a preference for leverage and runway rather than immediate escalation. Meanwhile, the Reserve Bank of India introduced liquidity measures, including bond purchases and a dollar-rupee swap, to ease tight financial conditions.
