The Katana Program ended November with a performance (post fees) of +42.51%. Bitcoin closed the month at a price of $96,465 - after opening the month trading at $70,200, a gain of 37.50%.
The Katana algos participated in this appreciation across the three time frames traded. The short-term time frame exited a $73,000 long at $89,000 then re-entered at $93,000 and exited at $97,600. The longest time frame exited its long trade at $93,000. Whereas our medium-term timeframe long trade from $69,500 remains open with the trailing stop currently at $94,300.
The relatively shallow 9% retracement from the high of $99,860 is impressive and illustrates the underlying solid demand for Bitcoin. BTC recently set an all-time high in spot volume (7-day moving average). Whilst a deeper retracement is always possible, the overbought technical indicators are no longer at their recent extremes.
Looking ahead in 2025, the stage is set for continued Bitcoin price strength, albeit with volatility typical of this asset. We should not under-estimate the positive impact of a crypto friendly US Government administration. So long as Trump’s team is seen to deliver on their promised agenda, the Bitcoin price should face far less headwinds moving into the new year.
