This plan has received support from political figures including Porter and Loomis, and has drawn bipartisan attention. Trump's endorsement has given political momentum to this previously marginalized concept, marking a watershed moment in the cryptocurrency market. California Democratic Congressman and Wyoming Republican Senator proposed to include Bitcoin as a reserve asset for the United States, partially relying on America's gold reserves. However, critics argue that this could reinforce America's financial dominance and challenge the decentralization concept of Bitcoin. Nevertheless, supporters believe this move helps address the debt crisis and promotes global financial innovation. As 2024 approaches its conclusion, influenced by the Christmas holiday, the overall market performance is stable, with a clear expectation for Bitcoin to finish strongly. From a monthly cycle perspective, as time progresses, the upward trend above the short-term moving averages remains solid, suggesting that the market may continue its upward momentum into 2025, which outlines a rough picture of the overall trend.
Bitcoin basically maintained a narrow range of oscillation yesterday, with the largest wave of market movement peaking at 99540 in the evening before retreating under pressure. Due to the news and the US stock market's closure, the market contracted and consolidated, entering a dull oscillation and ending with a doji candle. Currently, the price continues to hover around the mid-band, correcting and waiting for a breakout to establish a directional range. The 4-hour chart for Bitcoin shows Bollinger Bands slightly widening, oscillating back and forth between the upper and lower bands yesterday, consistent with the oscillation range provided. Although the short-term trend is slightly under pressure entering consolidation, the key remains to observe the breakthrough at the 100,000 mark. In the short term, continue to watch for wide oscillation between 97000-99500, and maintain high short and low long strategies for intraday trading. Follow the trend if a breakout occurs; currently, it remains in a strong bullish state, and for positioning, we can take long positions at lower levels.
Ethereum has been oscillating mostly in the range of 3450-3490, with relatively small movement. The market is still in a slow consolidation phase, and the four-hour level shows strong potential for breaking higher after a series of convoluted adjustments. The lows are gradually rising, repeatedly building a solid support base, and once again demonstrating a vigorous upward momentum. The overall trend operates close to the upper trendline, with current fluctuations remaining small and still brewing. The expectation of a pullback is gradually decreasing, combined with the rising support below, it is highly likely that prices will test upwards again. Today, maintain the strategy of buying on pullbacks to follow up.
