Bitcoin hovered around $91,900 early Thursday, stabilizing after a brief tumble below $90,000 in the prior session that underscored fragile risk appetite across crypto markets.

Policy fog: Fed minutes deepen confusion

Minutes from the Oct. 28–29 Federal Reserve meeting showed a widening divide over whether to cut rates on Dec. 9–10. Some officials favored insurance easing if growth softens; others pointed to sticky inflation and argued for a pause. Futures-implied odds for a December cut slipped following the release.

Complicating matters, the Bureau of Labor Statistics confirmed no October employment report will be published: the 43-day government shutdown prevented collection of the household survey. October’s establishment data will be folded into November’s report due Dec. 16—after the Fed meeting. A delayed September nonfarm payrolls print later Thursday will be the only full official labor snapshot before the decision.

“This gives the Fed cover to skip a cut amid the ‘data fog,’” ING noted.

Levels and flows

Bitcoin fell to $88,610 in the past 24 hours before rebounding; failure to hold above $90,000 highlighted weak momentum after a slide from early-October highs above $120,000. Persistent outflows from spot BTC ETFs and thinning liquidity have amplified moves, while macro uncertainty keeps systematic and discretionary buyers cautious.

Altcoins mixed, tone still defensive

• Ether (ETH): -1.8% to $3,025
• XRP: -1.6% to $2.13
• Solana (SOL): slightly higher
• Cardano (ADA), Polygon (MATIC): marginal declines
• Dogecoin (DOGE): -1.0%; $TRUMP: -2.3%

What’s next

• Today: Delayed September NFP—the last complete labor read before the Fed.
• Through next week: Fed-speak and high-frequency indicators to fill the gap before Nov. data arrive mid-December.
• For BTC: Watch $90,000 (psychological support) and $94,000–$95,000 as near-term resistance; sustained closes below $90K risk a push toward the high-$80Ks without a macro catalyst.