Falling
After a sharp drop on Friday, Bitcoin and the cryptocurrency market showed signs of bottoming out on Saturday. Bitcoin once rebounded to $95,000, but it began to weaken after touching the trend line that has turned into pressure on Sunday. At the time of writing, the price fell to $94,340. In the past 24 hours, a total of 101,689 people worldwide were liquidated, with a total liquidation amount of US$261 million.
Mainly sideways around Christmas
As GTRadar mentioned in last week's weekly report, Bitcoin will not have a so-called Christmas market during Christmas, which means that Christmas has little impact on the rise and fall of Bitcoin. However, one thing worth noting is that the market will mostly be sideways during Christmas and the Lunar New Year, and there will be almost no one-sided market. This may be a good time for investors to bet on the rise and fall, but at the same time, they should also avoid irrational transactions caused by ups and downs.
MicroStrategy may not be active for the next 4-6 weeks.
An interesting thing I have recently observed is that our big Bitcoin buyer - MicroStrategy has been announcing additional purchases of Bitcoin on Mondays for several weeks in a row. And the founder of MicroStrategy once again posted a hint on Sunday evening. Therefore, he may announce the acquisition of Bitcoin by MicroStrategy again tonight.
However, MicroStrategy is about to enter the 'Blackout Period' before its earnings report. During this period, the company and management's purchases of Bitcoin may face compliance risks. Even if the regulations do not explicitly prohibit it, they may choose to avoid making purchases during the blackout period in practice.
In other words, regardless of whether they announce the purchase of Bitcoin tomorrow, MicroStrategy may not be able to make any more acquisitions of Bitcoin in the next 4-6 weeks. Although the news of MicroStrategy buying Bitcoin does not directly drive up the price, the absence of a major whale that can absorb market supply is obviously not good news for the price of Bitcoin.
