Judging from the monthly return rate in December, this year's data is lower than in previous halving years. For example, it was 30% in 2016, 44% in 2020, and only 2% this year. This makes the market have high expectations for the performance in the last few days. In addition, although there was huge selling pressure in December, the buying power was strong, absorbing up to 220,000 BTC of selling pressure. Without such strong buying, the price of Bitcoin may fall even lower. It can be seen that the market demand is still strong.
However, in the short term, attention should be paid to the reduction in the supply of USDT on exchanges. This may be related to the Spring Festival effect, and investors may exchange USDT for fiat currency for consumption or other purposes. This dynamic indicates potential short-term downside risks.
