Bitcoin is treading water around $103,000 as investors await a torrent of delayed economic data while Washington reopens.
US Bitcoin exchange-traded funds have pulled in $247 million in investment so far this week, a welcome sign after the products saw $1.2 billion in selling pressure last week, according to DefiLlama data.
The sideways price action “reflects a broader risk-off shift, with profit-taking after recent highs,” Lacie Zhang, research analyst at Bitget Wallet, told DL News.
Investors await delayed “data releases, shifting rate-cut expectations, and new political signals” all of which could “set the tone for Bitcoin and risk assets heading into December,” Zhang added.
The reopening of the US federal government is now the main short-term catalyst for Bitcoin’s next move. With US federal agencies online after the longest shutdown in American history, traders are on the lookout for key indicators that shape expectations for interest rates, ETF flows, and fiscal policy.
“Looking ahead, all eyes turn to the November 13 CPI print, though a continued data delay from the government shutdown adds uncertainty,” Zhang said.
“Should inflation data eventually confirm a cooling trend amid easing geopolitical risks, expect a liquidity-driven rebound, as lower rates renew risk appetite across crypto and equities.”
Robin Singh, CEO of accounting platform Koinly, told DL News that frustrated traders may need patience before Bitcoin’s price recovers or reaches another record high.
“It’s entirely possible that Bitcoin consolidates through November, trading sideways and frustrating traders expecting a year-end rally,” Singh said.
The CME FedWatch tool now places the probability of a December rate cut at 55%, down 8% since Monday. On Polymarket, bettors give a 59% chance of a rate cut, down 15% this week.
Adding to the macro swirl, President Donald Trump revived stimulus hopes after he floated $2,000 rebate checks funded by tariff revenue.
Crypto market movers
Bitcoin is down 1.8% over the past 24 hours, trading at $103,000.
Ethereum is down 0.7% over the past 24 hours, trading at $3,500.
