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Bitcoin hovers below $100,000 due to supply-demand trends

BTC supply-demand trends continued to provide a tailwind on Sunday, with investors likely considering US BTC spot ETF flow trends in November. The US BTC spot ETF market saw net inflows of $6.68 billion in November, the largest since its launch in January 2024.

Sentiment towards US President-elect Trump’s campaign promises has fueled demand for BTC spot ETFs, supporting BTC’s rise to an all-time high of $99,318.

During the election campaign, Trump promised to make BTC a strategic reserve asset of the USA and thus make the US government a BTC HODLER. If the US government becomes a BTC HODLER, it would reduce the risk of oversupply. The US government currently has a supply of 208,109 BTC, equivalent to $20.26 billion.

However, Trump’s nominations for the chairs of the SEC and the Commodities Futures Trading Commission will be crucial. The authorities must implement corresponding regulatory requirements.

Trump’s appointment of US Treasury Secretary Scott Bessent was an important step towards making BTC a strategic reserve asset. In July 2024, Bessent emphasized the importance of the crypto market for US investors while criticizing the Democratic Party’s anti-crypto stance.

Congress, the Federal Reserve, the Treasury Department, and the President must approve BTC as a strategic reserve asset.

As BTC continues to hover below the coveted $100,000 mark, betting platform Kalshi continues to send bullish BTC price signals. As of Monday, December 2nd, the probability of BTC reaching $100,000 by December 31st was 77%. This was up from 59% before Thanksgiving.

Bitcoin (BTC) price prediction

On Sunday, BTC gained 0.79%, partially recouping a 1.14% loss from Saturday, to close at $97,026. Significantly, BTC managed to avoid a decline below $95,000 for the third consecutive day.

Short-term BTC price trends will likely depend on Trump’s nominations to the SEC and CFTC. Pro-crypto leaders could raise hopes that BTC will become a US strategic reserve asset, driving BTC past $100,000.