Bitcoin fell back to 91K, Standard Chartered: 85K is support, and the target price at the end of the year is still 125K

The Middle East situation has eased, Israel and Lebanon have agreed to reach a permanent ceasefire agreement, the FOMC meeting minutes show that the US will maintain a gradual rate cut pattern, the US stock market's main indexes closed higher on Tuesday (11/26), with the Dow Jones and S&P 500 indexes both hitting new highs. Cryptocurrencies, on the other hand, have fallen across the board, with Bit falling back to $91K and Ether retreating above $3,300. The FOMC minutes show that there is still a long way to go before the rate cut pause, and FOMC officials said that as the economy remains healthy and inflation cools slowly, they generally support a cautious approach to future rate cuts. According to the minutes of the Federal Open Market Committee meeting that ended on November 7, "Participants expected that, if the data evolved as anticipated, with inflation continuing to decline toward 2 percent and the economy remaining close to maximum employment, it could be appropriate to transition gradually to a more neutral policy stance over time." The CME FedWatch index shows that 63.2% of traders expect the Fed to cut rates by another 25 basis points at the December meeting, up from 52.3% the previous day. Bit has failed to break the $100,000 mark several times last week and has seen a significant pullback this week. Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, pointed to factors driving the pullback, including changes in the US Treasury market and the upcoming monthly options expiration. Kendrick said that as Bit is often seen as a hedge against instability in traditional financial markets, the increase in confidence in US Treasuries could dampen the appeal of Bit in the short term, leading to a price decline. Another factor affecting the Bit price in the short term is the monthly options expiring this Friday. Kendrick noted that Deribit's data shows there are 18,000 open Bit contracts with strike prices between $85,000 and $100,000, which could limit price volatility before expiration. However, institutional demand for Bit remains strong. Kendrick noted that since the US election earlier this month, Bit spot ETFs have accumulated about 77,000 Bit, and MicroStrategy has purchased an additional 134,000 Bit. MicroStrategy's purchases show no signs of slowing, and they are unlikely to sell, but since the election, the average purchase price for ETFs and MicroStrategy has been $88,700, which could be a short-term support, and Bit could consolidate between $85,000 and $88,700 before resuming its upward trajectory. He remains optimistic about Bit's long-term prospects. Kendrick reiterated his year-end target of $125,000 for Bit, and expects it to further rise to $200,000 by the end of 2025.