In a recent development, SpaceX transferred 1,083 Bitcoin worth $100 million to new wallets. Bitcoin’s price dropped to $88,000, with a slight recovery since then. It seems SpaceX moved the BTC for custody purposes, not to sell.

BTC fell around the time of PCE inflation data and options expiry, trading 0.15% higher on the daily chart but down 2% on the weekly chart. The daily chart indicates a potential breakout from the downtrend channel, hinting at the end of the sell-off with consolidation near $90,000.

For Bitcoin to signal bullish momentum, it must surpass $90,000 and potentially reach levels at $94,600, $108,000, and $116,000. The upcoming FOMC meeting on December 9-10 could influence BTC’s direction, with traders anticipating a dovish stance from the Fed.

Market sentiment on BTC has shifted, with expectations of a rate cut at the FOMC meeting at 92%. While some Fed officials resist further rate cuts, New York Fed President John Williams has supported a reduction in the near term. Bitcoin liveliness, a key metric for bull phases, is on the rise.

Read more at Yahoo Finance: Bitcoin Consolidates Below $90k, Fed Rate Cut Probability Might Spark Pump