"Christmas, Bitcoin will pump?!"

The quality of a decision depends upon the information you have, and your ability to process it. - Ray Dalio, Founder of Bridgewater Associates, Principles.

The current price of Bitcoin is around $94,800. From the daily chart, the Bitcoin candlestick shows a ‘bearish engulfing’ pattern, indicating a weakening selling momentum. After experiencing a 17% pullback, Ethereum has also successfully found support. Bitcoin may now be in a technical absorption area, although the current price is higher than expected a few months ago. Low trading volume and market interest may signal an accumulation phase, especially for potential gains in altcoins.

In my previous article “The Fed’s letdown and betrayal hurt Trump, Bitcoin fell below $100,000!” I predicted that Bitcoin’s dominant position will decline, which may mean that altcoins will usher in a bull market. “----Bitcoin’s market dominance has fallen to 57% after peaking at 60%, which may indicate that some altcoins could see an increase during Bitcoin’s consolidation period.”

Despite the recent sell-off in the cryptocurrency market, the three major stablecoins (USDT, USDC, and USDe) have still attracted a large influx, indicating the continuous flow of stablecoins into the cryptocurrency market.

Currently, the total supply of stablecoins exceeds $210 billion, making them an important component of the global financial system. USDT ($138 billion) and USDC ($42 billion) dominate, and the use of stablecoins is accelerating in payments and financial services.

The PCE (Personal Consumption Expenditures Price Index), the most closely watched inflation data by the Federal Reserve, which is the interest rate-determining inflation indicator, showed a continued downward trend in inflation.

In addition, MicroStrategy announced the purchase of 5,262 bitcoins again, with a total cost of less than $1 billion, and an average purchase price of $106,662 per bitcoin. This purchase is seen as a regular and fixed investment before the bitcoin price correction, with relatively minor impact.

Note: All content represents the author’s personal views only, not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial, or regulatory advice. Before making any investment decisions, you should seek independent legal and financial advice, including advice on tax consequences.

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