Why is Bitcoin up today? Trump kicks off the final round of interviews, Hassett predicts a rate-cut frenzy ahead

Bitcoin rose to $92,526 on December 10, with a daily increase of 1.92%. The core reason for Bitcoin’s rise today is that Trump will interview candidates for Federal Reserve Chair this week, with leading contender Hassett seen as extremely dovish and likely to push interest rates down from the current 3.5%-3.75% to Trump’s desired 1%. The market expects the Fed to cut rates by 25 basis points on Wednesday, marking the third consecutive rate cut.

Hassett’s Dovish Stance Triggers Market Expectations

President Trump and Treasury Secretary Besant have scheduled a meeting on Wednesday (December 9) with former Federal Reserve Governor Kevin Warsh. Although some Wall Street investors worry that Hassett’s close relationship with the President could lead to overly aggressive rate cuts, Hassett remains the frontrunner to succeed as Fed Chair in May next year. This news is the direct catalyst for Bitcoin’s rise today.

According to sources, Besant has submitted a four-person shortlist to the White House, including Hassett and Warsh. The other two candidates will be selected from Fed Governor Christopher Waller, Michelle Bowman, and BlackRock’s Head of Fixed Income Rick Rieder. However, the White House’s continued additional interviews indicate that Hassett’s nomination is not set in stone. Officials have even suggested that Hassett may serve only a shortened term as Chair, paving the way for Besant to take over later in Trump’s second term.

Hassett has quickly become the frontrunner in recent weeks. He worked at the Fed early in his career and held two major positions during Trump’s first term, long supporting Trump’s economic policies. Over the past year, Trump has repeatedly criticized Powell for not cutting rates fast enough and has publicly called for rates to be cut to 1%, which would require drastic cuts from the current 3.5%-3.75%. If Hassett takes over and enacts Trump’s wishes, it would trigger an unprecedented rate-cutting spree.

Wall Street investors have expressed concern to the Treasury that Hassett may pursue “indiscriminate rate cuts,” potentially leading to persistently high inflation and harming the $30 trillion U.S. Treasury market. In recent days, Hassett has begun to stress the importance of central bank independence. At a Wall Street Journal event on Tuesday, he stated that while he believes there is still room for rate cuts, the “most important job” of a Fed Chair is to make decisions based on economic data, not politics. This is seen as balancing Trump’s expectations with Wall Street’s concerns.

Rate Cut Expectations and Miner Capitulation Provide Dual Tailwinds

The market widely expects the Fed to announce a 25 basis point rate cut at the conclusion of its two-day policy meeting on Wednesday. However, both CME’s FedWatch and Polymarket show an increasing number of bets that Fed Chair Powell’s post-meeting comments may signal a pause in hikes in January, as policymakers try to balance controlling inflation with cooling labor markets.

However, Coin Bureau investment analyst Nic Puckrin warns, “If Powell delivers a truly hawkish speech, the odds of a Bitcoin rally over the Christmas period will drop.” He adds, “Despite MicroStrategy’s recent purchases, Bitcoin’s momentum hasn’t been strong, so we could well drop below $100,000 by the end of 2025.”

On the technical side, there are more optimistic signals. The Bitcoin hash ribbon indicator is now flashing green, which historically signals a favorable entry point for market participants. Hashrate charts show the 30-day moving average falling below the 60-day moving average, a pattern indicating miner capitulation. This typically coincides with deep price discounts and long-term accumulation opportunities. Miner capitulation means mining costs exceed Bitcoin prices, forcing inefficient miners to shut down, which often marks the bottoming phase for prices.

Three Technical Signals Behind Bitcoin’s Rise Today

Hash Ribbon Indicator Flashing Green: Miner capitulation usually signals price bottoms, with a historical accuracy rate of over 80%.

MACD Turns Bullish: Accelerating upward from deeply oversold levels, suggesting a mid-term reversal rather than a temporary rebound.

Breakout Above Downtrend Line: The daily chart shows Bitcoin attempting to break out of a multi-week downtrend, with clearly rising trading volume.

Target Path to $98,000–$106,000

(Source: Trading View)

The daily chart shows that after a controlled decline through most of November, Bitcoin is attempting to break out of a multi-week downtrend. The price is currently breaking above diagonal resistance with a notable increase in trading volume, indicating buyers are re-entering the market. Crypto analyst Trader Mayne points out that Bitcoin is now testing its annual opening price near $93,000, with potential to rise further to $98,000 and possibly even $106,000.

If this breakout holds, Bitcoin will retest the key inflection zone around $98,000–$100,000, which will be the first major barrier for a trend reversal. If there is a decisive close above this range, price is expected to move towards the $105,000–$110,000 area. However, Compass Point analyst Ed Engel cautions that the average cost for buyers over the past six months is about $103,000 per Bitcoin; when trading below this cost, investors are more likely to “sell into strength” rather than “buy the dip.”

Puckrin anticipates that once Trump announces a successor to Powell, the crypto market will rebound. “Given that the extremely dovish Kevin Hassett looks very likely to replace Powell next year, the market could rapidly shift from doldrums to frenzy in 2026.”