Bitcoin has staged a recovery to the $90,000 level, primarily driven by buying pressure observed during the US trading session. Market participants note that derivatives open interest has not fully returned to previous highs, suggesting the move is driven more by spot demand than highly leveraged positions. This recovery coincides with heightened expectations for a Federal Reserve rate cut, with probabilities jumping to 80% following official comments. Prediction markets are currently pricing in a 50% chance of Bitcoin hitting $100,000 in 2024. Adding to the bullish narrative, analysis from QCP Capital attributes the recent price action to generally "improving risk sentiment" across the broader market. As Bitcoin retests this psychological barrier, traders are closely monitoring key resistance levels for signs of sustained momentum. [Update 1] New reports cite QCP Capital analysis linking the retest of $90,000 to improved market risk appetite, reinforcing the positive sentiment driven by rate cut expectations.