Bitcoin (BTC) price has recorded heightened volatility on Friday fueled by the CME Group outage. The flagship coin surged as much as $93k before dropping to reach a daily low of around $90.2k.
According to the BTIG firm, the Bitcoin price is well-positioned to rebound toward $100k in December. The firm noted that BTC price typically bottoms around November 26 and strengthens into year-end.
The firm noted that the Bitcoin price is likely to strengthen further in the next few weeks after hitting oversold levels. Moreover, Bitcoin’s daily Relative Strength Index (RSI) dropped to an oversold level last week following the extreme selloff.
BTC price is well-positioned to continue in a bullish outlook in the near future fueled by the renewed demand from institutional investors. The rising demand for Bitcoin by institutional investors is evident from the Coinbase BTC Premium index, which turned positive on Friday after a prolonged negative period in the last few weeks.
Historically, a positive Coinbase BTC Premium index has been associated with a bullish outlook and vice versa.
Source: CoinGlass
Bitcoin price is also likely to rally towards $100k in December fueled by the Federal Reserve’s monetary policy change. Next week, the Federal Reserve will kickstart its Quantitative Easing (QE),
As such, the capital inflow to the Bitcoin market will likely surge amid the rising global money supply.
Source: Polymarket
Meanwhile, Polymarket traders are betting an 87% chance that the Fed will initiate a 25 bps rate cut in December.
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