On the 23rd of this month, Bitcoin BTC broke a new high, reaching $99,588! While celebrating, many Bitcoin friends were also wondering why it didn’t break through $100,000 directly, but had to be just a little bit short? In fact, the answer is very simple: the market selling pressure at the $100,000 mark is too great.
The price of BTC reached its all-time high of $69,000 in November 2021. It then took a sharp turn downward, and after a year of decline, it fell to a low of $15,450 in November 2022.
After two years of rising and repairing, in March this year, the huge positive news of BTC production halving was released in advance and returned to the $70,000 range. After hovering in the $70,000 range for half a year, this month, due to Trump's victory in the US election, it began to rise rapidly and directly reached the $100,000 range! Breaking the historical high, creating a Bitcoin miracle again!
After BTC failed to break through the $100,000 mark on November 23, the price fell by nearly 10% to $90,800. However, this decline did not break through the $90,000 mark, indicating that the selling sentiment of coin friends and institutions is not strong. Therefore, BTC has only entered a sideways repair phase for the time being and has not entered a downward cycle. From the perspective of technical indicators, the triangle line is constantly narrowing, and BTC will continue to fluctuate back and forth in the 91,000-98,000 range until the next direction is confirmed.
Therefore, the conditions for BTC price to break through $100,000 in December are:
1. The space for shock repair narrowed, but the BTC price did not fall below the shock low of $90,800;
2. Release a piece of supportive positive news to boost market sentiment.
By the way, XRP has been rising sharply recently. It’s really like a three-year layoff, but once it’s open, it can make money for three years. That’s awesome!
It has now reached $1.71, with an increase of 18% in the past 24 hours and a jump of 228% in the past month. Its market value has exceeded $100 billion, successfully surpassing BNB to rank as the fourth largest cryptocurrency.
As an old public chain, Ripple is slightly inferior to Solana and Ethereum in terms of currency price and ecological development. At the same time, due to the long-standing lawsuit between the SEC and Ripple, it was once ignored by the market and even not favored.
Recently, it is rumored that the New York Department of Financial Services intends to approve Ripple's stablecoin product RLUSD. On the one hand, the SEC lawsuit does not need to be fought hard, and on the other hand, the policy also provides support. This is obviously someone behind the scenes, so if it falls back to the trend line later, you can still consider buying it, and it is expected to reach a historical high~
Don’t short sell easily. XRP, with such a large market value, can increase 4 times in three weeks. What else is impossible? It is too risky to short sell when the trading volume is shrinking. It is likely to rise again when the trading volume is shrinking. This is the performance of the main force’s high control of the market. The peak signal must be a huge volume.
The appearance of the peak K-line is an inevitable condition!
At the end of the article, I recommend a wealth code: CKB
After 98 days of sideways consolidation at the daily level, the EMA moving average once again showed signs of a bullish arrangement. A similar situation occurred in early 2024, when the daily EMA was in a bullish arrangement and the market rose 1058.07% in 71 days. Two long ideas: Ambush in advance: Pay attention to the oversold area and capture potential rebounds.
Trend confirmation: Wait for the positive line signal after the upward movement and follow the trend. If the price falls below EMA200, the current bullish logic will be invalid.
