What You Need to Know:

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Bitcoin remains in a tug-of-war between bullish and bearish trends, recently recovering to over $97,000 after dipping below $95,000 due to fears surrounding Google's new quantum-computing chip—concerns that analysts quickly dismissed as overblown.

Directional traders are on hold, waiting for market clarity while prices remain within Thursday's trading range. However, there is good news: the upheaval has pushed out impulsive, over-leveraged altcoin traders. This is evidenced by the more balanced perpetual funding rates in the market now.

An analyst from Bitfinex remarked, "If these rates keep declining, it could indicate a reduction in excessive long leverage that would stabilize the market."

As 2024 concludes, banks are shifting their focus back to the dollar, which traditionally doesn't bode well for assets priced in U.S. currency, including Bitcoin.

HSBC recently commented, "The mix of cyclical, fiscal, and political forces is strengthening the USD again. We are revising our bullish outlook on the USD; its bubble is re-inflating, threatening other currencies." Meanwhile, Citibank forecasts a rally in the dollar index (DXY) to 115, marking an 8% increase.

Stay vigilant about developments in the East, where renewed rallies in Chinese stocks could divert capital away from cryptocurrencies.

In light of all these factors, President-elect Trump might encounter challenges fulfilling his cryptocurrency promises. As Peter Tschir succinctly put it, "Trump may show loyalty to campaign benefactors, but I doubt this relation will be enduring, especially under pressure from D.C.'s National Security to be cautious with crypto aid."

To watch this week:

• Crypto:

  • Dec. 10, 11:30 a.m.: Microsoft’s annual shareholders meeting featuring a presentation on Bitcoin investment by MicroStrategy’s Michael Saylor.
  • Dec. 13: Nasdaq-100's annual reconstitution announcements are expected, with MicroStrategy likely to be included.
  • Dec. 18: CleanSpark’s Q4 FY 2024 earnings are projected.

• Macro:

  • Dec. 11, 8:30 a.m.: November’s Consumer Price Index (CPI) data release.
  • Dec. 12, 8:15 a.m.: European Central Bank’s monetary policy announcement.

Token Events:

• Governance votes & calls: Horizen is set to hold a community discussion on ZEN halving.
• Token Launches: Movement’s MOVE has surged 63% since its launch, hitting a $2.5 billion market cap.
• Security incidents: The Clober Liquidity Vault has been hacked, losing 133 $ETH worth approximately $500K.

What You're Seeing in the Markets:

• BTC is currently trading at $97,763.77, a 0.76% increase from Monday.
• ETH stands at $3,765.44, with a 1.66% rise.

In Conclusion:

Bitcoin's market remains sensitive to external variables, highlighting the importance of staying updated with evolving trends and forecasts that can sway investment strategies.