Asia Opening Brief: Bitcoin Maintains $90K Level as ETF Outflows Weigh on Momentum

Short covering and dip buying are helping bitcoin hold the $90,000 area, market makers Flowdesk and QCP said, though prediction markets still see limited odds of a push toward $96,000.

Flowdesk notes that bitcoin’s move back above $90,000 looks more like part of a broader year-end rotation into risk assets than a crypto-specific rally. Rising expectations for a December Fed rate cut have prompted traders to cover shorts and buy dips, stabilizing conditions after last week’s heavy volatility.

QCP cautions that the macro backdrop is still far from settled. Inflation remains sticky, labor data is softening, and credit concerns are beginning to surface—particularly in AI-linked equities. Those factors could restrain the current relief bounce. Ongoing ETF outflows are another headwind, keeping a ceiling on upside momentum.

Prediction markets continue to reinforce the idea of a capped range. Polymarket data shows traders assigning a roughly 74% chance that bitcoin’s top print for the week stays close to $92,000 through month-end. The probability of testing $96,000 or above remains in single digits, matching commentary from desks that any rally into the mid-$90,000s is likely to hit ETF-related supply.

Support remains entrenched between $80,000 and $82,000 following last week’s reset. With volatility subdued during the U.S. holiday period and attention shifting to the Federal Reserve’s Dec. 12 meeting, crypto is trading primarily as a macro proxy rather than on sector-specific flows. Unless macro conditions change meaningfully, sideways action remains the most likely path.

BTC: Bitcoin is drifting in a narrow range in the low $90,000s. Short covering has lifted it from last week’s lows, but ETF outflows continue to block sustained upside.

ETH: Ether is holding just above $3,000, drawing some bargain hunters but still lacking momentum after a month of heavier relative selling pressure than bitcoin.

Gold: Gold’s next leg higher is being powered by falling yields, a weaker dollar, elevated geopolitical stress, and reduced investor enthusiasm for AI and crypto. Wells Fargo strategist Sameer Samana told Kitco News the bullish trend remains intact, with prices consolidating between $4,150 and $4,170 after failing to keep a foothold above $4,160.

Nikkei 225: Asia-Pacific markets were mixed on Friday. Flat U.S. futures kept the Nasdaq on pace to break its seven-month winning streak, while Tokyo inflation once again topped the Bank of Japan’s 2% target. The Nikkei 225 slipped 0.19% ahead of India’s GDP release.