Bitcoin prices consolidated as traders balanced expectations of a 0.25% Dec Fed rate cut against concerns that Chair Powell may signal a pause in January 2026, tempering hopes for a strong year-end crypto rally. Momentum remains soft amid subdued ETF inflows, as several major houses have trimmed their year-end and 2026 price targets.
Despite continued accumulation from LTHs, recent buyers within the past six months hold a higher cost basis of around 103,000, which increases the likelihood of profit-taking and may limit gains.
BTCUSD is approaching the 94,000 resistance. The price remains within the ascending channel while holding above bullish fair value gap, suggesting potential for near-term gains. If BTCUSD closes above the 94,000 resistance, the price may surge toward the channel upper bound. Conversely, retreating below 94,000 may prompt a retest of the support at 89,000.
