Bitcoin Price Trends and Related Situations

• On Tuesday (December 3), Bitcoin fell below $96,000, hitting a low of $94,395, showing weak trends. In the past 24 hours, the total liquidation amount in the cryptocurrency market reached $547 million, with both long and short positions being liquidated, affecting over 190,000 people.

• Economies.com analyzes that Bitcoin's price is trading with negative sentiment. If it cannot break through $96,325 and maintain above it, the outlook for future trading days is bearish, with expected trading range between the support level of $93,500 and the resistance level of $97,000.

U.S. Government Actions

• The U.S. government will transfer $1.9 billion worth of Bitcoin seized from Silk Road to Coinbase Prime wallet, causing panic selling. It is unclear whether this move is part of the government’s strategy to trade or sell funds, as it still holds Bitcoin valued at approximately $18 billion.

• U.S. lawmakers have proposed establishing a "Bitcoin National Strategic Reserve" in the U.S. The U.S. Marshals Service stated in July that it would collaborate with Coinbase Prime to manage tokens related to asset forfeiture, while Coinbase still faces a civil lawsuit filed by the U.S. Securities and Exchange Commission in June 2023.

MicroStrategy Actions

• Wall Street's largest publicly traded whale, MicroStrategy, insists on its strategy. Its CEO, Michael Saylor, announced the purchase of an additional $1.5 billion worth of 15,400 Bitcoins and disclosed related Bitcoin acquisition status and yield data.

Silk Road Related

• The Silk Road market facilitated a large amount of illegal cryptocurrency trading. Its founder, Ross Ulbricht, was sentenced to life imprisonment without parole in 2015. After the 2024 U.S. elections, some in the crypto industry are calling for Trump to reduce his sentence, as Trump promised to do so on his first day in office.