Did the bears kill the market, leading to a short squeeze that happened today?

12.05.2023

Dear traders,

There is a big drop in the crypto market now, and ALTs have started touching 2022 lows.

BTC dropped to 27k, and the next significant support is at 25,200$. There is still a big possibility of retesting 27k before the next drop plays out. Don’t trade now; shorts could be squeezed up quickly.

ETH dropped to 1800$, and it is now trading in the 1700$ range with a high possibility of hitting lower price targets. It’s still early to take longs.

XRP dropped below support and made a short squeeze to 0.44$ to liquidate late shorts. It still needs to hold support, or a big drop to 0.37$ will come.

LINK dropped below the support of 6.45$, and it is now trying to reclaim it for recovery. Buy all dips under $7 in spot mode as it will pay off in the future with LINK.

SOL is still holding at 20$ after dropping under it, and it still looks bearish in the long term.

The DXY is charging to 102.5 and trying to break it.

Crypto/stock daily news:

AN OG BTC DEV WANTS TO KILL ORDINALS

Everyone has had Ordinals fever lately. Everyone except one man….

Luke Dashjr. He’s been a Bitcoin Core developer since 2011. And he hates Ordinals more than an Eagles fan at a Cowboys home game. And that’s saying something.

And now, he wants to ban them.

How? Label Ordinals as spam so they can’t be created. Lemme explain…

Spam = small transactions that take up unnecessary block space & clog a network. They’re the Bed, Bath, & Beyond coupon emails of crypto.

Some people send them maliciously as “dust” to try to steal someone’s identity. Others send them accidentally (i.e. sending a bunch of payments individually instead of bundled together.)

Bitcoin finds them and stops them from processing. Now Dashjr wants to roll out a software update that would extend spam filtration to Taproot transactions. Including Ordinals.

If that happened, people wouldn’t be able to create Ordinals. Sayonara Bitcoin NFTs.

So what? This is as much about ideology as it is about the tech.

Bitcoin was designed to transfer money. Not to build DeFi, like Ethereum was.

But recently, the Bitcoin network has seen:

An NFT boom thanks to Ordinals & BRC-20
Crazy network congestion thanks to memecoins like Pepe (there are ~390K pending transactions right now)
Wildly high transaction fees

On one side are folks okay with the Bitcoin blockchain being used like this:

And on the other are ones that aren’t:

So will Dashjr get his way? Probably not.

First of all, BTC miners wouldn’t be onboard with this. They’re making too much BANK right now from the NFT craze.

And second, OG or not, this is just one dev proposing a pretty bold move. For this to happen, BTC miners would need to green-light it unanimously. Then it would roll out via a software update.

It does make you wonder though: WWSD (What would Satoshi do?)