Bitcoin Hits Resistance at $93K Despite Market Optimism

Bitcoin did not manage to reclaim the $93,000 level, despite positive momentum in the U.S. stock market and gains in gold prices. The S&P 500 traded close to its all-time high, prompting traders to consider triggers for sustained bullish momentum in Bitcoin (BTC).

Demand for Bitcoin put options, which are contracts giving the right to sell, remained strong. This, combined with stagnant inflows into Bitcoin exchange-traded funds (ETFs), restrained the cryptocurrency’s upward movement. Market participants are cautious despite improving macroeconomic conditions.

Data from the CME Group FedWatch Tool showed that bond market futures assigned an 87% probability of an interest rate cut on December 10, rising from 71% the previous week. The rise in expected monetary policy easing correlates with weak U.S. job market signals, as the U.S. Labor Department reported that continuing jobless claims increased to 1.96 million during the week ending November 15.

Bitcoin monthly futures maintained a 4% premium over spot prices as of Saturday, the same as the previous week. Normally, this basis spans 5% to 10%, reflecting the cost of carrying futures positions. The unchanged premium suggests investors are wary of leveraged long exposure, following Bitcoin’s 18% decline in the past 30 days.

Option market activity revealed a higher volume of put options compared to call options, signaling elevated uncertainty among larger traders and market makers. A put-to-call premium volume ratio above 1.3 typically indicates bearish sentiment. Recently, the ratio remained above this threshold but below the 5x peak seen on November 21.

Bitcoin ETF inflows showed limited growth, adding only $70 million in net assets during the week ending November 28. Data from CoinGlass indicated no recent increases in Bitcoin reserves by companies holding BTC as a primary asset. Notably, holdings attributed to SpaceX shifted 1,163 BTC (about $102 million) to two new addresses on November 27. The move sparked speculation regarding a possible sale or custodian change, but no official statements have been made.

During the U.S. holiday, President Donald Trump reiterated plans to cut income taxes significantly, financed by tariff revenues. This outlook contributed to higher risk appetite among investors, supporting scarce assets like gold, which rose 3.8% for the week, and silver, which hit a new all-time high.

Concerns over the Artificial Intelligence sector eased after Google announced that its custom TPU chip enabled its Gemini AI model to lead benchmarks in coding, math, science, and multimodal reasoning. This innovation uses less energy than traditional GPU processing and helped boost Alphabet’s stock by 6.8% for the week, easing worries about NVIDIA’s growth prospects.

Bitcoin’s path toward $100,000 appears increasingly independent from broad macro trends, as its correlation with technology stocks diminishes. The cryptocurrency’s ability to remain above $90,000 strengthens investor confidence, supported by ETF inflows, reduced risk aversion in derivatives, and expectations of liquidity support from the central bank.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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