Bitcoin Nears $92k Amid Mixed Global Market Signals and Anticipation of Fed Rate Cut
Bitcoin traded near $92,000, with BTC at $92,387 down 1.2%, ETH at $3,174 down 1.1%, and XRP at $2.09 down 4.6%, bringing the total crypto market cap to $3.22 trillion, a 1.3% decrease.
In Asia, Japan's Nikkei 225 fell approximately 1.5% due to weak October household spending. The 10-year Japanese Government Bond yield reached 1.94%, the highest since mid-2007, having increased about 13.5 basis points for the week.
China's markets showed mixed results: the Shanghai Composite index remained nearly flat at around 3,875 (-0.02%), SZSE Component rose 0.17%, China A50 declined 0.17%, DJ Shanghai increased by 0.12%, and Hang Seng decreased by 0.40%.
European futures were firmer with DAX futures near 23,880 up 0.79%, FTSE 100 futures up 0.19%, CAC 40 futures up 0.43%, and Euro Stoxx 50 futures up 0.41%. US futures were mixed as Dow futures hovered around 47,850 down 0.07%, S&P 500 futures rose 0.11%, and Nasdaq futures rose 0.22%.
US economic data showed initial jobless claims at a multi-year low, although the figure is affected by holiday distortions. November unemployment was about 4.4% according to the Chicago Federal Reserve. Factory orders increased by 0.2% in the latest report, with an August revision upward to 1.3%, influenced by tariff effects. Non-farm payrolls data is expected after the Federal Reserve's December meeting due to an extended shutdown.
The market has nearly 90% probability priced in for a 25 basis-point Fed rate cut next Wednesday. Policymakers remain divided on further easing amid conflicting economic data and upcoming releases.
In the crypto market, renewed accumulation by large holders (whales) supports a potential upside. Ethereum has seen an addition of over 450,000 ETH since mid-November, and Bitcoin whales are showing similar activity. Analysts suggest that momentum could build if Bitcoin surpasses $96,000 with a target toward $100,000.
