Bitcoin stems the fall at $92,000 levels as uncertainty looms over Fed rate cuts

Bitcoin price

Bitcoin price stood at $92,483 on December 5 as of 6:56 am (IST), which is 0.92 percent dip in the last 24 hours, as uncertainty looms over a rate cut by the US Federal Reserve next week. In the morning session,  the world's largest cryptocurrency fell to $90,978 but recovered to hover around $92,000 levels.

"BTC traded in a range throughout the day, easing from the mid-$93K area toward $92K as the market consolidated. Intraday attempts to reclaim $93K saw resistance, signalling soft intraday momentum. A brief dip below $91.5K was quickly bought up, showing that buyers remain active at lower levels.

"Overall, BTC remains stable within its range, with a move above $93K likely needed to re-establish upward momentum. Traders can buy dips, take profit near resistance, and wait for a clear break before expecting stronger upside," said CoinSwitch Markets Desk in a written reply.

The volatility has been observed across other tokens, too, with ETH down 1.48 percent, BNB 2.32 percent, SOL 4.19 percent, while ADA dipped 2.11 percent in the past 24 hours.

As per CoinDCX research ream, the other altcoins are also accumulating gains by maintaining low volatility but sustaining above their respective support levels. Zcash leads the top gainers with over a 13.52 percent rise, followed by MYX Finance by 12.66 percent and AB by over 5.96 percent. On the other hand, Virtual Protocol, Telcoin, and SPX6900 plunged by over 7% each, followed by Canton and Hyperliquid that dropped over 6 percent each. The overall market sentiments remain under fear, but appear to have improved a little.

Check out prices of top cryptocurrencies on December 5 at of 6.56 am:

Traders are pricing in an 87 percent chance of a December rate cut by the Federal Reserve. When rate-cut odds rise, liquidity conditions improve, dollar strength softens, and risk assets, including BTC and ETH, generally find support.

According to Nischal Shetty, Founder of WazirX, the last 24 hours, the crypto market has been responding to an unusual mix of global signals. Japan’s sharp rise in government bond yields, the yen’s continued weakness, as well as expectations of a potential U.S. Federal Reserve rate cut. In a major regulatory milestone, for the first time ever, CFTC approved spot crypto trading on regulated U.S. exchanges, which will bring crypto closer to long-standing commodity market standards and offers investors a clearer, more compliant venue for spot trading.