Bitcoin Price Climbs 2% As Fed Rate Cut Looms

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The Bitcoin price climbed 2% in the past 24 hours to trade at $91,603 as of 2:40 a.m. EST on trading volume that soared 76% to $40.8 billion.

BTC trading above the $90,000 level comes as markets anticipate that the Federal Reserve will implement a 25-basis-point interest rate cut at its Federal Open Market Committee (FOMC) meeting on Dec. 9-10.

Data from the CME FedWatch Tool shows that traders are pricing in an 87% probability of a 25-basis-point cut, which would lower the target rate to 3.5%-3.75%.

Meanwhile, the BOJ is widely expected to hike interest rates at its December 18-19 policy meeting.

High volatility is expected around both central bank announcements as markets adjust expectations for future rate paths.

As markets gear up for a volatile week, financier Anthony Scaramucci said that the price of BTC could soar to $1 million, a more than 10X surge from the current price.

ANTHONY SCARAMUCCI JUST SAID ON LIVE TV THAT BITCOIN IS GOING TO $1,000,000.

“10X OPPORTUNITY IN BITCOIN RIGHT NOW”

You’re not bullish enough! 🚀 pic.twitter.com/QZYyFLanzJ

— That Martini Guy ₿ (@MartiniGuyYT) December 8, 2025

Harvard University is well positioned for such a price surge, with Bitwise CIO Matt Hougan saying that the institution expanded its BTC holdings in Q3 from $117 million to $443 million.

Harvard ramped its bitcoin investment in Q3 from $117m ot $443m. It also boosted its gold ETF allocation from $102m to $235m.

Think about that for a second: Harvard decided to put on a debasement trade and it allocated to bitcoin 2-to-1 over gold.

— Matt Hougan (@Matt_Hougan) December 8, 2025

With the university increasing its allocation to gold to $235 million from $102 million during the same period, Hougan noted that it favored BTC by a ratio of 2:1.

With BTC up over 6% in the last week, can it continue soaring?

Bitcoin Price Poised For A Recovery Above Key Resistances

Looking at the 3-day chart, BTC has been trading within a corrective range since forming a rounded top at $125,761. Over the last couple of weeks, BTC has been consolidating between the $85,270 (0.786 Fib) support and the $99,957 (0.5 Fib) resistance area.

Technical indicators are showing early signs of a potential bullish move as Bitcoin attempts to stabilize above the 200-day Simple Moving Average (SMA), a major long-term support level.

BTC recently bounced from the 0.786 Fibonacci retracement, a common deep retracement area in bull-market corrections. Price has also reclaimed short-term structure above $88,700, which is the level of the 200 SMA.

Meanwhile, the Relative Strength Index (RSI) has risen from oversold territory and is currently around 37, suggesting that although sellers still have momentum, bearish strength is fading. A surge toward the midpoint (50) would signal that buyers are regaining control.

The 50-day SMA, however, remains above $109,700, indicating the short-term trend is still under bearish pressure but improving.

BTC/USD Chart Analysis Source: TradingView

With the price of BTC showing early signs of a momentum shift and the RSI slowly rising, a bullish short-term scenario may play out over the next several candles.

If this momentum holds, the Bitcoin price could surge towards the 0.5 Fib level ($99,900), as it targets the 0.382 Fib zone at $106,016.

On the other hand, if the Bitcoin price is rejected at the $100k–$107k resistance zone, it could lead to continued sideways movement within the broader corrective structure. In that case, the price of BTC may revisit the $85,270 support.

If bears manage to overwhelm buyers, a deeper drop toward the $74,281 support (1.0 Fib) could occur in a more extreme scenario.