Bitcoin (BTC) failed to recover $93,000 despite positive momentum in the US stock market and rising gold prices. With the S&P 500 trading just 1% below its all-time high, traders are assessing what could generate sustainable bullish momentum for Bitcoin.
Key takeaways:
-
BTC put demand and stagnant ETF inflows kept momentum limited despite improving macroeconomic conditions.
-
AI-driven tech relief has reduced market stress, but BTC’s strength depends on holding $90,000 as investors bet on liquidity support amid weaker labor market data.
Bond market futures data from CME Group shows traders assigning an 87% chance of an interest rate cut on Dec. 10, up from 71% the previous week.
Signs of weakness in the US labor market led investors to expect more expansionary monetary policy. The U.S. Department of Labor said continuing claims rose to 1.96 million in the week ending Nov. 15.
Meanwhile, sentiment on BTC derivatives was not significantly altered by recent price weakness, although demand for bullish positioning remains primarily cautious.
Monthly Bitcoin futures held a 4% premium over spot markets on Saturday, unchanged from the previous week.
Under neutral conditions, this basis typically ranges from 5% to 10% to reflect carrying costs. Lack of appetite for leveraged long positions may indicate lingering concerns after Bitcoin’s 18% pullback over the past 30 days.
BTC options markets can help gauge whether whales and market makers fear additional downside. Bearish phases are usually marked by increased demand for put options.
Put option volumes far exceeded call instruments on Thursday and Friday, indicating high uncertainty. A more neutral market would require purchase premium volumes of 1.3 times or less. While still well below the 5x high level favoring downside protection seen on November 21, the overall sentiment in Bitcoin derivatives remains cautious.
Part of this hesitation is due to stagnating flows into Bitcoin exchange-traded funds (ETFs), which added just $70 million in net assets during the week ending November 28.
Additionally, none of the companies that use Bitcoin as a primary reserve asset have expanded their holdings in the past two weeks, according to data from CoinGlass.
The strategy last added Bitcoin on November 17. More worryingly, holdings attributed to SpaceX moved 1,163 BTC to two new addresses on Thursday, fueling speculation about a possible sale.
🚨 NEW: SpaceX moves 1,163 $BTC worth about $102 million to two new addresses, according to Nansen data. pic.twitter.com/KnV5qJSeaI
— Cointelegraph (@Cointelegraph) November 27, 2025
It is not yet clear whether Elon Musk’s private aerospace company changed custodians, as no official statements have been issued.
Trump’s tax cut plans boost scarce assets
Over the U.S. holiday, President Donald Trump reiterated his plans to substantially reduce income taxes, citing expected revenue from import tariffs.
Investors became more willing to take risks as it became clear that government debt would remain under strong upward pressure, a backdrop that typically favors scarce assets. Gold gained 3.8% for the week, while silver hit a new all-time high.
Related: Robert Kiyosaki Says Liquidity Crisis Leads to Collapse, Remains Bullish on Bitcoin and Gold
Concerns surrounding the artificial intelligence sector eased after Google’s custom TPU chip enabled Gemini to reach benchmarks in coding, mathematics, science and multimodal reasoning.
The breakthrough boosted investor confidence as the technology uses much less power than GPU-based processing. Alphabet (GOOG US) gained 6.8% for the week, helping reduce 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 technology stocks continues to fade.
The longer BTC stays above $90,000, the more confident the bulls will be, supported by the return of ETF inflows, less risk aversion in BTC derivatives, and the likelihood of liquidity injections from the central bank.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
