Bitcoin Surges Past $90K as Rate-Cut Hopes Rise, but Analysts Warn of Resistance Ahead

Bitcoin (BTC) has soared above the $90,000 mark, reaching $91,219 as optimism grows over the increasing likelihood of a Federal Reserve rate cut in December. The shift in macro sentiment has fueled risk appetite across markets, but analysts caution that the broader environment is still complex, with inflation remaining stubbornly elevated and market liquidity tightening.

According to Singapore-based trading firm QCP Capital, Bitcoin’s recent strength may soon encounter selling pressure. The firm noted that while bullish momentum has carried BTC toward the mid-$90,000 range, supply is likely to cap further upside. QCP highlighted $80,000 to $82,000 as a crucial support zone, emphasizing that the corrective bounce from sub-$80,000 levels to above $91,000 appears to be driven by thinning liquidity rather than robust inflows.

One factor contributing to this cautious outlook is the muted performance of U.S.-listed Bitcoin ETFs, which have yet to attract strong new inflows despite the market’s rally. QCP also pointed out that MicroStrategy’s bitcoin-heavy stock is only now approaching break-even and has been placed on MSCI’s delisting watchlist, adding another layer of uncertainty.

Beyond the crypto market, concerns are rising in the artificial intelligence sector, which has been a major driver of risk-on sentiment since the launch of ChatGPT in late 2022. QCP noted that AI-related credit is weakening, with widening credit default swap spreads and growing unease over Nvidia’s rising inventories and receivables. These developments are cooling enthusiasm in a sector that has helped lift both equities and digital assets.

Other analysts share QCP’s view, warning that Bitcoin’s rally—though impressive—is built on fragile foundations. With liquidity shrinking and macro risks looming, BTC may face significant resistance as it pushes deeper into record territory, even as long-term holders remain confident in its upward trajectory.