Bitcoin appears to have found some support at $16,000 where it has been kind of sidewaying since November 12th.
The currency appears to be unsure of where to go right now, with potentially little resistance until the all time high itself, the big $20,000.
Although, going by past action $17,000 should be big resistance too, hence perhaps why it is sidewaying at this level.
Another reason may be that bitcoin has kind of closely been tracking the election, something that has led to a decoupling from stocks after kind of tracking them since March.
Bitcoin rose for example on the election day itself, and curiously fell a bit when it seemed Trump was winning, to then rise alongside stocks when it became clear Biden was winning.
Once the election was called for Biden, bitcoin fell slightly, but Trump claiming he actually won made it rise once more.
Now America is in this surreal situation where everyone congratulates Biden for winning, while Trump drives in a limousine to greet crowds chanting stop the steal.
Apparently thousands showed up, one of them calling for a revolt as shown in the featured image above.
The anti-fascist (antifa) crowd showed up as well. There was a stabbing apparently as politics greets the streets of United States.
Something usually reserved for third world countries where usually oppositions claim the election was stolen, rather than a sitting president in command of the civil service.
That maybe shows the strength of America’s democracy where a sitting president that may be reluctant to go, can’t quite rig things.
There won’t be a declaration of president for life in the United States, as there has been in Russia and China.
The statue of liberty, unwashed as it may be, does still stand in New York City, and the crowds may chant what they like to the deafness of independents who more and more now maybe see a different side to Donald Trump.
However, unlike 2016’s ‘not muh president,’ this crowd has an anti-crowd, and that risks street politics, rather than ballot politics.
That ‘patriot’ Trump would do that to his country is not something independents found likely. They thought he could do many things, but not turn half of the country against objectivity.
We say half, it is likely very very few, for even his base likes Biden and even his base was not too happy last year with how Trump was governing.
For in the end he managed to achieve nothing. He gave a tax break to giant corporations, to banks that made $100 billion in profit, and to the rest he gave the chains of Jay Clayton’s SEC whose employees said they won’t innovate for us.
He said he’ll drain the swamp, but instead made it swampier with them revolving doors and sclerotic civil service completely unreformed.
He said he’ll end the wars. Instead provoked a pandemic. And leaves office with America’s global reputation at its lowest point probably in history.
The capitalist has overseen the ushering of Communist Modern Monetary Theory with US debt levels in the stratosphere and unlikely to come down anytime soon.
All this new debt prior to 2020 was sent to the already vast army, hundreds of billions in addition to the circa $700 billion they were getting, leaving research and development, education, and many things lacking, with predictable results.
And this man thinks people actually voted for him over Biden but some overpowering force stole democracy?
No, the truth is independents ditched him because he deserved ditching and with every day that continues with him claiming he won is another day Americans can be more and more confident they made the right choice to ditch this whole dirty street politics that is currently being engaged by the president himself.
What’s all this gotta do with bitcoin though? Now that’s an interesting question because gold, stocks, or other assets do not seem to almost by the minute respond to this street politics as we’ll call it.
Bitcoin does, generally speaking, and the reason is maybe because some are seeing it as a protest vote of sorts, or some think others are seeing it as such.
Bitcoin is both global and very accessible, with its ecosystem having plenty of pseudo-anonymous spaces for trading, so its behavior is maybe just more organic and responsive, even to such events like America pretending they a third world country.