Bitcoin rebounds over 7% in a single day, surpassing $93,000—has market sentiment reached a turning point?

In the early hours of December 3 Beijing time, Bitcoin’s price rebounded sharply from recent lows. According to Gate market data, the current quote is $93,050, up 2.44% in 24 hours, while broader market data shows Bitcoin’s intraday peak gain exceeded 7%.

Meanwhile, major altcoins such as Ethereum also performed strongly, with gains generally exceeding 8%. This rebound occurred after Bitcoin experienced a nearly 30% decline from its all-time high in early October. Market analysts believe this is closely related to shifts in macro policy expectations and specific industry tailwinds.

01 Market Performance

The cryptocurrency market saw a broad rebound on December 3. According to the latest Gate market data, Bitcoin is currently quoted at $93,050, up 2.44% in 24 hours and up 7% over the past 7 days, with a current circulating market cap of $1.85 trillion.

This performance marks a significant recovery for Bitcoin since late November. Multiple market sources show Bitcoin’s intraday gain on December 3 exceeded 7%, briefly breaking above the $93,000 mark.

Beyond Bitcoin, Ethereum also saw a strong rebound, with prices up over 8%, briefly returning above $3,000. Smaller, less liquid tokens such as Cardano, Solana, and Chainlink saw gains of more than 10%, indicating a recovery in market risk appetite.

02 Drivers of the Rebound

Two main forces are driving this Bitcoin rebound: shifts in macro monetary policy expectations and specific positive developments within the cryptocurrency industry.

The market’s expectation that the Federal Reserve will soon cut interest rates has significantly strengthened, becoming a key factor in the recovery of risk asset prices. Traders now widely predict an approximately 89% chance that the Fed will cut rates by 25 basis points at next week’s meeting.

At the same time, speculation that White House economic advisor Kevin Hassett may be nominated as the next Fed chair has further fueled dovish sentiment in the market. Hassett is known for his support of more rapid rate cuts.

Positive developments in the cryptocurrency industry have also injected confidence into the market. U.S. Securities and Exchange Commission Chairman Paul Atkins revealed plans to introduce “innovation exemption” measures for digital asset companies.

Meanwhile, Vanguard Group announced it would allow ETFs and mutual funds with significant cryptocurrency holdings to trade on its platform, opening a new channel for traditional financial capital to enter the crypto market.

03 Recent Price Fluctuations

Bitcoin has recently experienced significant price volatility. The following table summarizes Bitcoin’s performance data across different time periods:

Despite the rebound, the market remains cautious. Bitcoin funding rates—a key indicator of crypto market sentiment—have recently turned negative.

According to CryptoQuant data, this means that in the perpetual futures market, demand for short positions exceeds that for longs, indicating professional traders remain skeptical about a sustained rebound.

04 Market Outlook

Looking ahead, investors should closely monitor the following key factors for Bitcoin:

Market sentiment indicators are important references for short-term trends. CoinMarketCap’s “Fear & Greed Index” remains in the “Extreme Fear” zone, where it has lingered for nearly three weeks. This sentiment state often signals a market turning point but also reflects widespread investor caution.

Looking at capital flows, stablecoin balances on crypto exchanges are increasing, indicating traders prefer to hold cash equivalents rather than aggressively buy the dip.

Analysts note: “This typically occurs during late-cycle corrections, as investors move into stablecoins to hedge risk, waiting for ETF capital flows to stabilize and macro uncertainties to clear.”

Macro policy developments will continue to dominate market trends. Next week’s Fed rate decision will be a key event, with markets now pricing in nearly a 90% chance of a 25 basis point cut. Meanwhile, changes in the SEC’s regulatory stance toward digital asset companies are also worth watching.

Outlook

Trading data from crypto exchange Gate shows that after Bitcoin broke $93,000 during the Asian trading session on December 3, some investors began to take profits. However, the news that traditional finance giant Vanguard is opening its platform to crypto products has injected renewed optimism into the market.

Market analyst Chris Kim noted: “Overall sentiment remains cautious. Crypto traders are nervous.” Institutional investors seem to be waiting for next week’s Fed rate decision before increasing their risk exposure.

Since reaching a record high in October, Bitcoin has fallen nearly 30%, and the entire digital asset market remains fragile after weeks of selling. The downturn accelerated when nearly $19 billion in leveraged positions were liquidated.

At this moment, Bitcoin’s path remains uncertain—whether it will continue rebounding to retest the $100,000 mark or pull back again under the pressure of macroeconomic uncertainty.