The pinning market is back! Will Bitcoin pin tonight? A 100,000 long battle?

Market forecasts indicate a 96.7% probability of the Federal Reserve lowering interest rates in December. On December 12, Bitcoin ETF saw a net inflow of 598 million, and Ethereum ETF had a net inflow of 274 million. ETFs are still experiencing large daily inflows, but prices have stagnated due to a significant supply in the market. Last night, it was evident that while buying pressure was strong, selling pressure was even stronger.

Trump stated during the bell-ringing ceremony at the New York Stock Exchange that he would do great things in the fields of cryptocurrency and artificial intelligence, which will require a lot of electricity. It is clearly beneficial for mining.

Market Interpretation

Bitcoin was pushed up by the ETF yesterday but then fell back down, reminiscent of the market in March and April this year, where ETFs kept flowing in while prices stagnated. As long as this position cannot be surpassed, what follows will definitely be an adjustment, but not a significant one. Before Trump officially takes office, there shouldn't be any major adjustments.

Ethereum is really struggling, it couldn't surpass 4000 and was knocked down again. It seems that the 100,000 for Bitcoin and 4000 for Ethereum are important supply release levels, so the 0.04 exchange rate should be a hurdle in the short term. If it gets over this, there’s potential to look forward to; if it doesn't, it may get stuck at this level for the month.

SOL240 also didn’t touch, but if it dips to 220 again, I wonder if it can hold. Nevertheless, there is still support below, and SOL can continue to be accumulated at lower prices.

As for altcoins:

Today, the one-day rebound for altcoins has ended, with most currencies experiencing varying degrees of pullback. Overall, the market still looks weak, primarily linked to Bitcoin, with the standout being LINK and AAVE backed by Trump’s group.