The balance of the U.S. Treasury General Account (TGA) decreased by about 30 billion U.S. dollars on November 17, marking the first decline since the government reopened, indicating a long-awaited return of liquidity to the financial system. Market participants refer to this decline as a key catalyst behind Bitcoin's sharp recovery from levels below 89,000 U.S. dollars to its daily high near 93,000 U.S. dollars this week.
While bearish narratives proclaiming that "Bitcoin has entered a bear market" are on the rise and sentiment indicators show severe pessimism, some analysts note that such crowded one-sided positions often create fertile ground for contrary bullish surprises in the coming days or weeks.
