Bitcoin Christmas or Altcoin Holidays?
Compass 155
Based on Friday's analysis, in our playbook, we considered the following:
Until Bitcoin successfully flips the $101.5K–$102.5K resistance into support, this zone remains a NO-TRADING ZONE…The ideal scenario would be for Bitcoin to make this move over the weekend…If resistance is broken, the immediate target would be the previous high at $104K and the upper bound of the channel at $108K–$110K.
Based on what we've observed, the activity of market participants supports the bullish case for Bitcoin in the short term, which is why we remain within this bullish scenario.
With Bitcoin now achieving a new all-time high of $107.9k and now trading at $106.5k, what are the next strategic steps to consider?
A Bitcoin or Altcoin Season?
The final week begins with a heavy load of macro fundamentals for Bitcoin and the crypto market, making it a crucial time to determine the next steps in the Altcoin Season. The Christmas and year-end rally hinges on developments in this area, though it already feels like a battle won in advance.
On Wednesday, we have the last FOMC meeting of the year, with all signs pointing to a new 25-bps rate cut. However, the markets remain cautious, even though Bitcoin is already doing its part: setting new all-time highs and entering price discovery mode, boosted by the favorable adoption environment anticipated under the next U.S. administration.
Yet, with just over a month until Donald Trump’s inauguration, when he plans to issue a large number of executive orders on his first day in office, we cannot rule out a countermeasure from the current administration concerning their Bitcoin holdings. While everything seems to align in favor of Bitcoin and the crypto ecosystem, we must remain vigilant.
No FOMO, No Risk.
Following last week's liquidations, sentiment has significantly moderated, though we remain in
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