Bitcoin (BTC) is down 1.1% to $96,670,
maintaining its position within the $90,000-$100,000 trading range. The
all-time high of $99,658 was set on November 22, and technical patterns
indicate increasing potential for significant movement in either direction.
Arkham Intelligence revealed that the U.S.
government has transferred nearly $2 billion worth of Bitcoin—approximately
19,800 BTC seized from the Silk Road—to Coinbase, potentially signaling an
imminent sell-off. This move coincides with anticipation around President-elect
Donald Trump's announcement of the next Securities and Exchange Commission
(SEC) chief. On Monday, Bitcoin dropped by 3.4% to $94,426, pressured further
by unexpected political turmoil in South Korea.
President Yoon Suk Yeol briefly imposed
martial law, which was later overturned by lawmakers, though the military
initially resisted confirming the cancellation. The crisis, coupled with calls
for the president’s impeachment following the opposition's landslide victory in
April’s general election, sparked significant volatility. Prominent
cryptocurrencies experienced temporary losses of 30-40%, with Bitcoin briefly
plummeting to $63,000 before recovering. Despite stabilization, ongoing
tensions in South Korea remain a potential trigger for broader corrections in
Bitcoin markets.
Technically, Bitcoin is forming an ascending
triangle pattern, which, if broken, could signal an upside move toward
$107,000-$108,000. However, extreme overbought conditions raise the possibility
of a false breakout followed by a correction. According to Glassnode, Bitcoin
has faced repeated resistance near round levels like $100,000, with over 20
attempts likely required to decisively surpass this milestone. Rising put
options at $100,000 suggest heightened market anxiety, with a potential price
spike above this level triggering widespread profit-taking.