BTC Holds Above $90K as Macro Repricing Pressures Risk Assets

Bitcoin has found short-term stability this week, trading just above the critical $90,000 mark after a volatile stretch marked by firmer interest rate expectations and steady outflows from U.S. spot exchange-traded funds (ETFs). The stabilization comes after a deeper pullback triggered by thinner liquidity conditions, which amplified BTC’s sensitivity to shifting macro narratives.

The largest cryptocurrency remains under pressure as traders rapidly reassess the Federal Reserve’s path. Only weeks ago, a December rate cut was seen as virtually guaranteed; now, markets place the odds at nearly 50/50. That repricing has weighed heavily on assets like bitcoin, while equities have held their ground thanks to strong earnings, particularly from mega-cap tech firms.

With the U.S. government now fully reopened, long-delayed economic reports are resuming their schedule. Attention is centered on labor market readings and the Conference Board’s updated Leading Economic Index. These data points will influence whether inflation or labor tightness carries more weight in the Fed’s policy calculus heading into 2026.

Read more: Bitcoin Poised for Rebound With Leverage Purge, Macro Shifts, and Rising Confidence

QCP’s Nov. 19 market insights suggest that the broader economic backdrop continues to show a distinctly late-cycle tone. High-income households remain resilient and continue to spend, while lower-income groups show increasing signs of stress. Fed Chair Jerome Powell reinforced a cautious message last week, emphasizing that a December rate cut is “not guaranteed.”

Although fiscal tightening and uneven consumer conditions pose risks, strong corporate investment and healthy balance sheets have helped prevent a deeper downturn. This week’s data will help determine if bitcoin’s retreat is a simple positioning clean-up or a more sustained risk-off rotation across markets.

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