Trading Moment: Bitcoin Returns to $93,000, Aiming for $97,000 Target; Ethereum Bulls Hope to Break $3,200

Daily Market Key Data Review and Trend Analysis, produced by PANews.

1. Market Watch

The market is closely watching the future direction of US monetary policy. US President Trump has explicitly stated his plan to nominate a new Federal Reserve Chair in early 2026 and hinted that National Economic Council Director Kevin Hassett is his preferred candidate. Trump has long criticized current Chairman Powell for being slow to cut rates and hopes the successor will push for more aggressive easing. Although the final pick must be confirmed by the Senate and the shortlist also includes veterans like Christopher Waller and Michelle Bowman, the market’s focus has shifted to the possibility of an upcoming policy pivot.

Meanwhile, Amazon Web Services (AWS) unveiled the next-gen AI chip Trainium 3 at its annual conference and previewed Trainium 4 with support for Nvidia NVLink. AWS also released the Nova 2 model series and several innovative services, aiming to further challenge Nvidia and Google’s position in AI. This move pushed Amazon’s stock price up while Nvidia and AMD stocks came under pressure. Overall, despite the recent strong performance of US equities, macroeconomic uncertainty, intensifying tech competition, and diverging market sentiment keep the outlook highly unpredictable.

The Bitcoin market has recently experienced sharp volatility, rebounding strongly above $93,800 after dropping to $83,800, sparking intense debate among analysts about future trends. Optimists believe a new upward cycle may have begun. Analyst Michaël van de Poppe noted that breaking through $92,000 is key to testing the $100,000 mark. Nick Ruck also stated that, thanks to Fed rate cut expectations and ETF capital inflows, Bitcoin could return to $100,000 in the coming months. Bitwise’s report, analyzing global monetary supply, claims that Bitcoin is currently severely undervalued, with their fair value model approaching $270,000. Technical analysts Man of Bitcoin and Axel Bitblaze are also bullish: the former targets $96,965, while the latter suggests $80,000 may already be the cycle bottom and expects a break above $100,000 by year-end, pointing out that short liquidations above $93,000 could fuel further gains.

However, the market is also filled with caution and bearish sentiment. Bloomberg analyst Mike McGlone warned that Bitcoin could revisit $50,000. BRN research head Timothy Misir observed that whales are slowing their accumulation while retail investors are accelerating purchases—a typical sign of late-cycle vulnerability. Analyst Murphy emphasized that if the price falls below $80,000, many long-term holders would be sitting on unrealized losses, increasing price sensitivity risk. F2Pool data shows that at current prices, most older mining rigs are operating at a loss and have shut down, potentially adding sell pressure to the market. Technically, analysts are mostly watching the key support region at $86,000-$88,000; a break below could trigger broader sell-offs. Additionally, the market is deeply impacted by traditional finance and the real economy. For example, Strategy Company updated its FY2025 earnings forecast based on Bitcoin price ranges, with its revenue target closely tied to whether Bitcoin stays in the $85,000–$110,000 range.

The Ethereum market is also at a crossroads. Although its price has rebounded above $3,000, market sentiment remains skeptical. Derivatives data shows the annualized premium on Ethereum futures remains low at 3%, and the premium on put options relative to calls is widening, indicating traders are actively hedging downside risk and lack confidence in further price increases. Fundamentally, Ethereum faces challenges, with weekly network fees plunging 49% and DEX trading volumes shrinking. In this context, analysts have different price path forecasts. Bears think a loss of key support could lead to a deep correction. Glassnode’s MVRV model shows that losing support around $2,820 would put the next target at $2,500. The daily chart’s “bearish pennant” pattern points to the $2,200–$2,220 region. However, hope for a rally remains. Analyst Don points to a “falling wedge” pattern that keeps a rebound to $3,550 possible. Man of Bitcoin uses Fibonacci retracement to predict a move up to $3,216. Analyst Wolf believes the market is approaching a key level near the $3,700 head-and-shoulders neckline, and whether it breaks could determine if the bull market continues.

2. Key Data (as of December 3, 13:00 HKT)

(Data sources: CoinAnk, Upbit, Coingecko, SoSoValue, CoinMarketCap)

• Bitcoin: $93,546 (YTD -0.34%), daily spot volume $89.26 billion
• Ethereum: $3,023 (YTD -7.12%), daily spot volume $29.26 billion
• Fear & Greed Index: 28 (Fear)
• Average GAS: BTC: 1.2 sat/vB, ETH: 0.04 Gwei
• Market dominance: BTC 58.7%, ETH 11.6%
• Upbit 24h trading volume ranking: XRP, BTC, ETH, SOL, SUI
• 24h BTC long/short ratio: 51.32% / 48.68%
• Sector performance: Crypto market broadly rebounded, with 24h gains of about 3% to 12%; NFT sector up 11.87%
• 24h liquidation data: 107,343 people liquidated globally, total liquidations $415 million; BTC liquidations $208 million, ETH $70.18 million, ZEC $19.54 million

3. ETF Flows (as of December 2)

• Bitcoin ETF: +$58.50 million
• Ethereum ETF: -$9.91 million
• Solana ETF: +$45.77 million
• XRP ETF: +$67.74 million

4. Today’s Outlook

• Pantoo Ethereum ETF to be listed on HKEX on December 3, can hold ETH directly
• HumidiFi’s WET token to be issued on Jupiter DTF platform on December 3
• Ethereum developers officially set Fusaka upgrade target date for December 3
• Coinbase to launch Dash perpetual contract trading on December 4

Top 100 coins by market cap 24h biggest gainers: Sui +30.2%, Pudgy Penguins +26.4%, Chainlink +18.9%, Virtuals Protocol +18.7%, Pepe +18.5%

5. Hot News

• Binance to delist 15 spot trading pairs on December 5, including ACH/BTC, WAXP/BTC, etc.
• BitMine’s new wallet received over 30,000 ETH from Kraken, worth about $91.75 million
• Stable announced tokenomics: total supply 100 billion, genesis allocation accounts for 10%
• USDC Treasury minted 500 million USDC on Solana
• Bank of America recommends its wealth management clients allocate 1%-4% to crypto assets
• CME launched Bitcoin Volatility Index, similar to the VIX in equities
• Coinbase added five new tokens to the listing roadmap, including WET, ZKP, and PLUME
• Tether Treasury minted 1 billion USDT on Tron network
• Analysis: suspected PIPPIN insiders control half the supply, valued at $120 million
• Coinbase 50 Index added six projects: HBAR, MANTLE, VET, FLR, SEI, and IMX
• Vanguard opens cryptocurrency ETF trading, supporting BTC, ETH, and other major assets
• Ethena received over 46.79 million ENA from Bybit; the source wallet was previously linked to Coinbase