📉 Market update
Bitcoin continued its downward trend overnight, breaking below $86,000 for the first time in two weeks and continuing to decline. According to the CoinDesk Bitcoin Price Index, it closed yesterday at $85,806.09, down 3.14% for the day, marking the lowest closing level since December 1.
🔥 Core market dynamics
· Key support level lost: The price once dipped to around $85,200, retreating about 30% from the historical high in October, further sliding towards the year's low.
· Market sentiment is bleak: Analysts point out that market liquidity is weak, and risk appetite is declining, leading to selling pressure from high-priced investors on any price rebound.
· Decoupling from U.S. stock trends: Recently, Bitcoin has fallen in sync with other risky assets, but has failed to rise during the U.S. stock rebound, breaking the previous positive correlation.
· Whales acting against the trend: Amid a broad market downturn, MicroStrategy has announced the purchase of nearly $1 billion in Bitcoin for the second consecutive week, showing a divergence at the institutional level.
📊 Technical Analysis and Macroeconomic Focus
· Technical outlook is bearish: Analysts point out that Bitcoin is currently at the lower end of a volatile range between $85,000 and $94,000. In the short term, attention should be paid to resistance levels at $88,000 and $90,000 above, and support levels at $85,500 and $84,000 below.
· Macroeconomic Variables: The downward pressure partly stems from the market's doubts about the future policy path of the Federal Reserve and concerns about the sustainability of popular trades such as artificial intelligence. Currently, everyone's attention is focused on the upcoming U.S. non-farm payroll data for November, which will significantly impact market expectations for next year's monetary policy and may determine the short-term direction of Bitcoin.
🌃 Evening Outlook
The non-farm data will be the absolute focus of today. If the data is weaker than expected, it may strengthen expectations for interest rate cuts and provide momentum for a market rebound; conversely, if the data is strong, it may exacerbate the current pessimistic sentiment. Before the data is released, the market may maintain a weak volatile pattern.
💎 Industry News Digest
· Nasdaq has submitted documents to the SEC, planning to extend trading hours for stocks and ETPs to nearly around the clock in response to the impact of 24/7 trading in the cryptocurrency market on investor expectations.
· MetaMask has added native support for the Bitcoin network, allowing users to make BTC transfers and exchanges directly within the wallet.
· Grayscale has released its 2026 outlook report, predicting that Bitcoin prices will reach a new historical high in the first half of 2026.#BinanceABCs
