The latest data released by the U.S. Department of Labor last night showed that the number of initial unemployment benefit claims in the U.S. fell to 219,000 after seasonal adjustment in the week ending December 21, a decrease of 1,000 from the previous week and lower than the expected 224,000. It was the lowest level in nearly a month, indicating a cooling of the labor market, but companies still avoided large-scale layoffs. It also hinted that the Federal Reserve may not cut interest rates further.
At the same time, the overall unemployment rate in the United States is currently 4.2%. According to data from the past decade, although the labor market is tending to be weak, the unemployment situation is relatively mild and has not yet shown signs of deterioration.

With the market's anticipation of the national-level Bitcoin reserve proposed by Trump, and the optimistic expectations of the Federal Reserve's interest rate cut this week, Bitcoin broke through the $106,000 mark this morning, surpassing the previous high set on December 5. Bitcoin has risen for seven consecutive weeks, marking the longest weekly gain streak since 2021. Since the U.S. election, Bitcoin has surged over 55%, with a monthly increase of more than 14%. The market sentiment index, 'Greed and Fear Index', has soared to 83 points, entering the 'Extreme Greed' zone, indicating that investors are extremely confident about the market's future.

The highly anticipated Bitcoin MENA conference officially kicked off on December 11, inviting many industry leaders to participate. Among them, the founder of the well-known exchange Binance, CZ Zhao Changpeng, also engaged in discussions on the future development trends of Bitcoin at the MENA conference, covering topics from national strategic reserves to global adoption in international trade, which can be described as full of valuable insights.
CZ stated that the value of Bitcoin is not just in its price, but in its practicality. In the future, Bitcoin should not only be used for investment purposes but as a currency itself. In the next 10-15 years, the use cases for Bitcoin will become more diversified, and we may even see more countries adopting Bitcoin as a strategic reserve, further driving up its price.

Bitcoin first broke the $100,000 mark on the 5th, reaching a high of $104,088, setting a new historical high. However, this historical high price did not last a day, as Bitcoin began a new wave of decline at 11 PM last night, and around 4 AM today, it dipped to $97,888, officially returning to five-digit pricing. By around 6 AM today, Bitcoin flashed crash down to a low of $90,500, and as of the drafting time, it rebounded to $97,871, down 1.66% in nearly 24 hours.

On the other hand, during this wave of decline, the market can be described as a 'double kill' for both bulls and bears. According to data, in the past 24 hours, the total liquidation amount in the cryptocurrency market reached $1.08 billion, with long positions liquidating at $812 million, accounting for the majority, and short positions liquidating at $270 million, affecting over 211,000 people.

Since Trump won the US election on November 8, Bitcoin has been pushing towards the 100000 dollar mark, reaching a peak of over 99500 dollars on November 23, with a cumulative increase of 37.6% over nearly a month. However, since last weekend, Bitcoin has begun to show the most obvious pullback since Trump's election, fluctuating downwards from around 99500 dollars, reaching a low of around 90800 dollars this morning. As of the time of writing, there has been a slight recovery, priced at 93353 dollars, with a decline of 1.68% in the last 24 hours.
Bitcoin has repeatedly failed to break through 100000 dollars, which is attributed to long-term investors in the market taking substantial profits during the post-election celebration. Currently, these individuals have begun to take profits, with long-term holders selling off up to 2.02 billion dollars in daily profits, setting a historical high. This indicates that the market needs a strong demand side to absorb this excess supply. However, this process may require a period of re-accumulation to complete.

Bitcoin entered a volatile downward mode after reaching a historical high of $99,588 following the recently concluded weekend. Yesterday evening, it began a significant pullback from around $98,500, dropping to a low of $95,745 around midnight, but has since rebounded slightly, currently quoted at $98,528, down 0.13% in the last 24 hours.
　　
In the downward trend of Bitcoin, a total of $495 million in liquidations occurred across the cryptocurrency market in the past 24 hours, with $364 million in long positions and $131 million in short positions liquidated, affecting over 193,000 people.
　　

MicroStrategy, the largest Bitcoin holding company among US listed companies, announced last night that it had purchased another 51,780 Bitcoins at an average price of $88,627 with $4.6 billion in funds, following its increase of 27,200 Bitcoins last week! As of November 7, 2024, MicroStrategy holds a total of 331,200 Bitcoins, with a total purchase cost of approximately $16.5 billion and an average holding price of $49,874 per Bitcoin.
　　
In terms of cryptocurrency, as Bitcoin fluctuated back and forth, the total amount of liquidation in the entire network reached US$336 million in the past 24 hours, with long positions liquidated US$203 million and short positions liquidated US$133 million, and more than 110,000 people were liquidated.

Thanks to Trump's victory in the US presidency, the cryptocurrency market has recently ushered in a wave of celebrations. Bitcoin has also been soaring since November 5, breaking through the $90,000 mark yesterday after setting new historical highs several times. In addition to the fact that Trump's election is expected to bring a relaxed regulatory environment to the cryptocurrency industry, another major catalyst for this bull market is the interest rate cut cycle that the US Federal Reserve started at the end of September. However, since Trump may bring new economic policies after taking office, the Fed may not cut interest rates as many times next year as the market had previously expected in September. Next year, the pace of interest rate cuts will be affected by Trump's fiscal policies.

In the cryptocurrency market, which trades 24/7, an astonishing rise has occurred, although at midnight today, it briefly dropped to $78,500. However, a large bullish candlestick followed, setting a new historical high at a price of $81,846. As of the time of writing, the price has pulled back to $81,750, with a 3.21% increase in the last 24 hours.
Bitcoin Daily Chart


First, looking at the Bollinger Bands indicator on the Bitcoin daily chart, the price has broken through the upper Bollinger Band and the market is operating above the Bollinger Bands, showing a strong breakout signal, but it also means that the market has entered an overbought state. At the same time, the three bands of the Bollinger Bands are in a spreading state, indicating increased volatility, which suggests that the market may experience a pullback or consolidation.