Bitcoin nears $90,000 again as altcoins turn red
● Bitcoin has fallen for the second consecutive day after a significant adjustment on November 25.
● U.S. stock index futures were little changed on Tuesday evening, with traders awaiting the release of the Federal Reserve's (FED) preferred inflation indicators.
● Futures contracts linked to the Dow Jones Industrial Average rose 24 points, an increase of 0.05%. Meanwhile, S&P 500 futures were basically flat, and Nasdaq-100 futures fell slightly by 0.06%.
● Some companies have already reported their quarterly earnings. Dell Technologies shares fell 11% in after-hours trading due to disappointing expectations for the current quarter.
● Looking ahead to Wednesday, the Personal Consumption Expenditures Price Index (PCE) is set to be released. Economists surveyed by Dow Jones expect the core PCE, excluding food and energy, to rise 2.8% year-on-year. Investors will scrutinize this data for clues on how the FED will conduct interest rate policy at its December meeting.
● The FED released the minutes from its November meeting on Tuesday. Central bank officials indicated that they expect further rate cuts, but the pace of cuts will be "gradual."
● "They will continue to cut rates in December," said Stephen Stanley, chief economist at Santander U.S. Capital Markets.
● Other important data will also be released on Wednesday, including personal income and spending for October.
● This is also a short trading week in the U.S., with the markets closed on Thanksgiving Day and an early close on Friday. Trading volume is expected to remain low. Nevertheless, stocks closed in the green zone on Tuesday. Both the S&P 500 and the Dow Jones reached new highs.
● After failing to break through $100,000, BTC shows signs of weakness.
● Yesterday, this flagship asset continued to decline, reaching a local low of around $90,791, the lowest since November 19.
● Subsequently, bulls quickly intervened, bringing the price back to the current level of about $92,800.
● Yesterday, as BTC continued to adjust significantly, the altcoin market generally declined.
● ETH fell below $3,300, failing to maintain upward momentum above $3,500.
● After finding a local low of around $3,252, ETH bulls pulled the price back to around $3,340, down over 3% from 24 hours ago.
