'Improving Risk Sentiment' Driving Bitcoin's $90K Retest: QCP
Bitcoin surged past $90,000, reaching near $91,500, driven by broader market risk appetite rather than crypto-specific news. This rally followed an intraday low of $86,400 and caused significant short liquidations totaling $241 million. The S&P 500’s four-day uptrend and expectations of a Federal Reserve rate cut—now given an 85% chance in December—boosted sentiment. While some Fed officials favor cuts, opposition remains. Bitcoin now mirrors overall market risk sentiment, with macroeconomic factors heavily influencing price action. Institutional option flows totaling $2 billion suggest Bitcoin will remain range-bound, as indicated by long call condor strategies. Analysts see resistance at $95,000 and support in the $80,000-$82,000 range. Potential risks include events like a MicroStrategy S&P 500 delisting.
