Big wins for the Empire community, including a massive 1040% Litecoin trade by head coach Matt Foyle! Bitcoin struggles below $100,000 – is a resistance zone or retracement around the corner? The US government’s Bitcoin moves raise the question — will we see significant selling pressure?
Litecoin is a big hit!
First of all, a big shout out to Empire Head Coach Matt Foyle who achieved a 1040% return on Litecoin. Matt used an advanced harmonics strategy to successfully enter at $84.22 and exit at $128.10 in a 20x leveraged position. Litecoin has soared from its pre-election lows of $60 and is currently up 123% in spot trading.
Overdrive Crypto Market
The crypto market is very active, with monthly trading volume reaching $2.9 trillion in November, a three-year high. This wave, which many traders are calling the “Trump pump,” has seen institutional investors, ETFs, and individual investors flood the market.
The Bitcoin Spot ETF alone had inflows of $6.87 billion and outflows of just $411 million. Numbers like this are insane, but they show how strong this space is right now. Is it sustainable? Time will tell…
Bitcoin remains below $100,000
Bitcoin remains just below the $100,000 milestone, leading traders to wonder if its momentum is fading. On the weekly chart, we see a potential hanging man candlestick pattern. This can create resistance when buyers start having a hard time pushing the price up.
Momentum indicators like CCI are also showing signs of calming down, which in my opinion is normal after such a massive move. Personally, I am keeping an eye on the retracement zones around $88,000 and $83,000, the latter of which lines up with the 50 EMA on the daily chart. Do you think this will happen overnight? Probably not. But the truth is, no matter how much you want it, nothing will stay straight forever.
For now, I'm ready to buckle up and see what the next few weeks hold as we head into the holiday season.
Source: TradingView Source: TradingView
Volatility and the U.S. government’s Bitcoin movements
The market has been extremely volatile, and things took an interesting turn when the US government transferred $1.9 billion worth of Bitcoin to Coinbase. According to the report, only 10,000 BTC was sold and the remaining 9,800 BTC was sent to a newly created address.
The government holds 183,850 BTC worth $17.7 billion (about 0.93% of the total supply), so a significant drop could cause downward pressure on Bitcoin prices. We've seen this before, but it's worth noting. Could this be a last resort by the Biden administration before Trump takes office? Only time will tell.
Personally, I think it's crazy for the US government to sell Bitcoin, but we've seen this before with the German government selling Bitcoin for $57,600.
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Written by Matthew Stella. At the time of this writing, Bitcoin was trading at $95,120.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. The author assumes no responsibility for any financial losses incurred as a result of trading or investing based on the information provided. Always do your own research and consult a professional financial advisor before making any investment decisions.
