According to CME FedWatch, futures markets were pricing in a 100% probability of a Federal Reserve rate hike at the December 9 meeting. This outlook adds pressure on Bitcoin, which was already declining rapidly as investors favored technology stocks and artificial intelligence, considered more attractive. Bitcoin was trading at $72,744 and below all the daily moving averages shown in the analysis, raising the risk of a drop below $70,000 despite the extent of the decline already recorded. Outflows persist across the largest digital assets while the supply of stablecoins is increasing, according to Coinglass, CryptoQuant and SosoValue. A genuine recovery would require new catalysts, additional use cases and steady inflows into institutional products such as ETFs, alongside confirmation through successively higher highs.
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