Asia Markets Update: Bitcoin Stabilizes Near $90K While ETF Withdrawals Keep Upside in Check

Short covering and steady dip buying are helping bitcoin stabilize around $90,000, according to market makers Flowdesk and QCP, even as prediction markets signal low conviction for any move toward $96,000.

Flowdesk says bitcoin’s bounce back above $90,000 looks more like a broader year-end reset in risk assets than a crypto-specific rally. In a recent note, the firm pointed to a surge in expectations for a December Fed rate cut, alongside short covering and bargain hunting, as the main drivers behind the market’s steadier tone.

QCP adds that the macro backdrop remains complicated. Inflation is proving stubborn, labor indicators are softening, and credit stress is showing up in AI-linked equities — all factors that could limit the strength of the current relief move. Meanwhile, ETF outflows continue to restrict upside, keeping bitcoin pinned beneath resistance.

Prediction markets reinforce the rangebound outlook. Polymarket data shows traders assigning a roughly 74% chance that bitcoin’s weekly high holds near $92,000 through month-end. Odds of a break toward $96,000 or above remain in the single digits, consistent with trader commentary that any push into the mid-$90,000s will likely run into ETF-driven supply.

Support remains concentrated between $80,000 and $82,000 following last week’s selloff. With volatility compressed during the U.S. holiday week and attention turning to the Federal Reserve’s Dec. 12 meeting, crypto continues to trade as a macro-linked asset rather than on sector-oriented catalysts. Without a shift in macro conditions, the market’s easiest path appears to be sideways.

BTC: Bitcoin is confined to a narrow band in the low $90,000s, lifted off last week’s lows by short covering but capped by persistent ETF outflows.

ETH: Ether is trading slightly above $3,000, seeing some dip buying but still struggling to regain upward momentum after a month of heavier relative pressure than bitcoin.

Gold: Falling yields, a softer dollar, geopolitical tensions, and fading enthusiasm for AI and crypto are fueling gold’s next leg higher. Wells Fargo strategist Sameer Samana told Kitco News that the bullish trend remains intact, with prices currently consolidating between $4,150 and $4,170 after failing to sustain a break above $4,160.

Nikkei 225: Asia-Pacific markets were mixed on Friday as flat U.S. futures kept the Nasdaq on track to snap its seven-month winning streak. Traders also weighed Tokyo inflation, which stayed above the Bank of Japan’s 2% target, sending the Nikkei 225 down 0.19% ahead of India’s GDP release.