Bitcoin's Ascent May Hit a Wall Around Mid-$90K: Trading Firm

Group 1 - Bitcoin (BTC) has surpassed $90,000, driven by increased expectations for a Federal Reserve rate cut in December, which has improved risk sentiment [1] - The macroeconomic environment remains challenging, with inflation still high, and the rally may encounter resistance around the mid-$90,000 range, while the support zone is identified between $80,000 and $82,000 [1] - Bitcoin ETFs in the U.S. have not experienced significant inflows, and the performance of Bitcoin holder Strategy's stock is close to break-even, leading to its placement on MSCI's delisting watchlist [2] Group 2 - AI has been a major factor in driving bullish momentum across risk assets, including Bitcoin, since the launch of ChatGPT in late 2022 [3] - Analysts note that the recent bounce in Bitcoin from nearly $80,000 to above $91,000 is occurring amid decreasing liquidity [3] - Concerns are emerging in the AI sector, with widening credit default swap (CDS) spreads and issues related to Nvidia's increasing receivables and inventories affecting market confidence [2]