QCP: BTC fell this week due to changes in interest rate expectations and continued outflows from ETFs. This week's data will determine Bitcoin's future direction.

According to a report from QCP Asia on November 19, TechFlow news states that Bitcoin briefly fell below 90,000 USD this week, mainly influenced by strengthened interest rate expectations and continuous outflows from ETFs. This decline highlights BTC's sensitivity to changes in the macro environment and liquidity conditions.

The market has significantly repriced the Federal Reserve's expectations, with the probability of a rate cut in December downgraded from “almost certain” to “fifty-fifty.” Thanks to the robust AI-driven earnings support from mega-cap tech companies, the stock market has performed relatively well, causing the cryptocurrency market to lag behind.

As the U.S. government reopens, official data is being released one after another, providing the market with essential insights into the economic fundamentals. This week, the market is highly focused on labor market data and the Conference Board's Leading Economic Index (LEI), which has now incorporated the latest job vacancy data. This information will help determine whether labor tightness or inflation will dominate the Federal Reserve's policy response in 2026. This week's data will decide whether the pullback in Bitcoin is a temporary position adjustment or the beginning of a broader decline in risk appetite.