Bitcoin, the largest cryptocurrency by market capitalization, experienced its first halving 11 years ago today. As the community celebrates the first Bitcoin halving, and ahead of the next one expected in April 2024, it’s time to revisit some of Bitcoin’s historical milestones.

In the options market, according to Deribit data, Bitcoin options positions suggest that the token is likely to fluctuate between US$37,000 and US$40,000 in December. Given that traders who sold bull calls with a $40,000 strike price were apparently willing to take bets from the other side, this suggests that this level will serve as a key testing area for Bitcoin’s recovery.

From a technical perspective, Bitcoin’s weekly relative strength index (RSI) closed above 75 last week, and while readings above 70 are considered an “overbought” signal, the situation may not be that simple. Over the past decade, after a weekly RSI above 75, the coin has risen an average of 15% in the following month – a gain that would take it well over $40,000.

Bitcoin’s rally has come amid increased regulation of the cryptocurrency industry in the U.S., with Sam Bankman-Fried jailed for fraud at FTX. For optimists, efforts to curb questionable practices within the industry and the recent flurry of ETF applications indicate that the cryptocurrency industry is maturing and has the potential for wider adoption.

U.S. Treasury Undersecretary Wally Adeyemo spoke at a Blockchain Association event. He did not explicitly mention Tether (USDT) in his speech, but issued a warning to non-U.S. stablecoin issuers that do not use U.S. dollar backing. They need to solve the problem of being exploited by criminals.

Legendary trader and BitMEX co-founder Arthur Hayes mentioned in his latest blog post that China is preparing to inject a large amount of credit into the economy, which means printing a large amount of RMB money. He believes that funds will flow into Bitcoin via Hong Kong, foresees that China will fuel the next crypto bull market, and calls for funds to be transferred from national debt to cryptocurrencies.

He explained that the U.S. has recently weakened the U.S. dollar by issuing more Treasury bills, an effect that is now evident as the U.S. dollar index fell throughout November. He believes this creates more favorable conditions for China to extend large amounts of new credit to the struggling real estate sector. This global currency dynamic could benefit Bitcoin and the crypto market. He said that if China increases its money printing, these funds will enter the global market and support the price increase of all types of risk assets.

Anticipation of the approval of the Bitcoin Spot ETF is brewing among holders. Ric Edelman, founder of the Digital Asset Council of Financial Professionals (DACFP), believes that 77% of advisors are waiting for the approval of the Bitcoin Spot ETF in order to provide clients with crypto asset exposure. mouth