Despite the positive momentum within the US stock market and rising gold prices, Bitcoin (BTC) didn’t recapture the $93,000 mark. With the S&P 500 trading just 1% below its all-time high, traders are examining what could spark sustained bullish momentum for Bitcoin.
Key Takeaways:
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Demand for BTC put (sell) options and stagnant ETF inflows kept momentum contained despite easing macroeconomic conditions.
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AI-driven technical relief has eased market stress, but BTC's strength depends upon holding $90,000 as investors search for liquidity support amid weaker labor market data.
Fed goal rate of interest expectations for December tenth. Source: CME Group FedWatch Tool
CME Group data on bond market futures shows traders give an 87% likelihood of a rate cut on December 10, up from 71% the previous week.
Signs of weakness within the US labor market led investors to expect more expansionary monetary policy. The U.S. Labor Department noted that continuing claims rose to 1.96 million within the week ended Nov. 15.
Meanwhile, sentiment for BTC derivatives has not modified significantly as a consequence of the recent price weakness, yet demand for bullish positioning stays extremely cautious.
Monthly Bitcoin futures were at a 4% premium to identify markets on Saturday, unchanged from the previous week.
Under neutral conditions, this basis is often between 5% and 10% to reflect transportation costs. The lack of interest in leveraged long positions could indicate ongoing concerns after Bitcoin declined 18% within the last 30 days.
BTC options markets might help assess whether whales and market makers fear further downside risks. Bearish phases are sometimes characterised by increased demand for put (sell) options.
Put option volumes far exceeded call (buy) instruments on Thursday and Friday, indicating increased uncertainty. A more neutral market would require put-to-call premium volumes of 1.3x or less. Although Bitcoin derivatives sentiment remains to be well below the 5x peak favoring the November 21 downside protection, it stays cautious.
Part of this reluctance is as a consequence of stagnant inflows into Bitcoin exchange-traded funds (ETF), which added just $70 million in net assets within the week ending November 28.
Additionally, in response to CoinGlass data, none of the businesses that use Bitcoin as a primary reserve asset have increased their holdings prior to now two weeks.
Strategy last added Bitcoin on November seventeenth. Even more worrying, holdings attributed to SpaceX moved 1,163 BTC to 2 recent addresses on Thursday, fueling speculation a few possible sale.
🚨 NEW: SpaceX moves 1,163 BTC price about $102 million to 2 recent addresses, in response to Nansen data. pic.twitter.com/KnV5qJSeaI
– Cointelegraph (@Cointelegraph) November 27, 2025
It stays unclear whether Elon Musk's private aerospace company has modified custodians as no official statements have been made.
Trump's tax cut plans led to a rise in scarce assets
During the US holiday, President Donald Trump reiterated his plans to significantly cut income taxes, citing expected revenue from import tariffs.
Investor risk appetite increased because it became clear that government debt would remain under strong upward pressure, an environment that typically supports scarce assets. Gold gained 3.8% for the week while silver rose to a brand new all-time high.
Artificial intelligence concerns eased after Google's custom TPU chip enabled Gemini to realize excellence in coding, math, science and multimodal reasoning.
The breakthrough boosted investor confidence because the technology uses far less energy than GPU-based processing. Alphabet (GOOG US) rose 6.8% for the week, helping to allay fears about Nvidia's (NVDA US) growth prospects.
However, Bitcoin's path to $100,000 appears increasingly independent of broader macroeconomic trends as its correlation with tech stocks continues to say no.
The longer BTC stays above $90,000, the more confident bulls will change into, supported by the return of ETF inflows, lower risk aversion in BTC derivatives and the likelihood of central bank liquidity injections.
This article is for general information purposes and shouldn’t be intended to constitute, and mustn’t be construed as, legal or investment advice. The views, thoughts and opinions expressed herein are those of the creator alone and don’t necessarily reflect the views and opinions of Cointelegraph.
