Bitcoin stems the fall, inches towards $93,000 on hopes of Fed rate cut

Bitcoin price today

Bitcoin stood just above $92,854 on December 3 morning, gaining 7 percent from the previous session, on growing hopes of a rate cut by the US Federal Reserve next week. In the morning session,  the world's largest cryptocurrency fell to $90,832 but recovered to hover around $92,900.

"BTC rebounded after dipping below $84,000, jumping nearly 7 percent in the last 24 hours. Key levels to watch are $90K support and $92.5K resistance. A clean breakout above this range could open a move toward $94K–$95K, especially if ETF inflows continue and macro sentiment remains supportive," said CoinSwitch Markets Desk.

Traders are pricing in an 89.2 percent chance of a December rate cut by the Federal Reserve.

"Bitcoin is staging a strong V-shaped rebound as bullish momentum returns to the market. Sentiment improved after the Fed officially ended Quantitative Tightening and injected $13.5 billion through overnight funding, boosting liquidity across short-term markets. U.S. financial institutions have also ramped up their use of repo facilities, further supporting risk assets," said Akshat Siddant, Lead Quant Analyst, Mudrex.

Bitcoin climbed to a peak of $126,000 in October before tumbling to a low of $75,000 level in April.

"BTC printed a $5,000 daily candle — its strongest since May 2025, lifting the broader crypto market. Total market capitalization jumped 6.8 percent to $3.13T, with BTC dominance rising to 59.1 percent, signaling capital rotation toward majors," said Riya Sehgal, Research Analyst, Delta Exchange.

The volatility has been observed across other tokens, too, with ETH up 7.93 percent, BNB 6.75 percent, SOL 9.46 percent, while ADA gained 12.81 percent in the past 24 hours.

Check out prices of top cryptocurrencies on December 3 at of 7.30 am:

"Ethereum followed with an 8.7 percent gain, reclaiming $3,000 amid renewed optimism. Altcoins like SOL (+11 percent) and ADA (+13 percent) also rallied as risk appetite returned. Technically, ETH must clear $3,100 to confirm a bullish breakout. Sustained strength above these levels could extend the recovery toward $95K–$97K and $3,300, signaling a potential short-term trend reversal," said Sehgal.

While there is no direct relationship, Fed rate cuts have coincided with the rise in the price of bitcoin. Lowering interest rates encourage investment in riskier assets, including cryptocurrencies, by making bonds and other traditional, low-yield investments less attractive.