Macro risks are weighing on Bitcoin’s bullish sentiment, with the chance of it climbing to $100,000 before Christmas falling below 10%.

Bloomberg reports that the crypto market is currently in a tug-of-war between bulls and bears. While analysts remain generally bullish, speculative activity has shifted to defense, dampening risk appetite. Bitcoin fell below $80,000 for the first time in a month; meanwhile, a sell-off in US tech stocks' AI sector dragged down risk assets, dealing another blow to the fragile bullish sentiment crypto markets had been trying to rebuild. Jeff Anderson, Head of STS Digital Americas, stated that inflation data will "severely impact risk appetite," noting the market is entering a quiet period ahead of the Fed meeting with interest rate expectations remaining uncertain. Nick Forster, founder of Derive.xyz, added that over the past 24 hours, the market-implied probability of Bitcoin reaching $100,000 before Christmas dropped by 2.8 percentage points to 9.7%. Long-term bullish positions are exiting rapidly, while short-term hedging demand has surged significantly.