"Since Wednesday, Bitcoin has been on a slight downward trajectory, hitting a local bottom of around $88k on Friday. Since then, BTC has been slowly working its way back towards the $90k level. The war in the order books continues in this choppy environment, with volume tailing off and concentration drifting from charts to yule logs. Not much is expected to hit the tape as the year winds down, with the upcoming FOMC on Wednesday expected to deliver a 25 bps rate cut."
"The market continues to be undecided about what it wants to do, with flat funding rates, minimal basis, and low priced volatility. The sell pressure coming from old bitcoin whales and perhaps defunct funds/companies from early October seems to mostly have subsided. General sentiment is seemingly subdued, but leaning towards fearful on the crypto fear and greed index. Ethereum is back above $3k again, after briefly flirting with danger below on Friday."
Bitcoin fell to a local low near $88k on Friday and has retraced toward $90k amid low volume. Order book activity remains choppy with concentration shifting away from price charts. Little new flow is expected before year end, and the FOMC meeting is anticipated to deliver a 25 bps rate cut. Funding rates are flat, basis is minimal, and implied volatility is low, reflecting indecision. Selling pressure from earlier whales and defunct funds appears to have mostly subsided. Ethereum recovered above $3k after briefly testing $2.6k and benefited from the Fusaka upgrade.
Read at 24/7 Wall St.
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