As a seasoned crypto investor with a decade of experience under my belt, I’ve learned to navigate the rollercoaster that is the cryptocurrency market. The latest surge in Bitcoin price, pushing past $98,000, has me cautiously optimistic. While I’ve seen similar spikes before, only for the market to correct itself, this time feels different.
As an analyst, I observed a surge in Bitcoin (BTC) prices, reaching over $98,000 following the December 24 opening of Wall Street. This notable increase can be attributed to the presence of substantial spot buyers who stepped in to rejuvenate the previously subdued Bitcoin price dynamics.
Santa rally talk returns as BTC price gains $5,000
According to data gathered from CryptoMoon Markets Pro and TradingView, the BTC/USD exchange rate reached a fresh peak of $98,020 on Bitstamp, marking a new local maximum.
On this day, Bitcoin experienced an increase of over 3%, attracting new purchases following a rocky beginning to the week where it briefly returned to levels last seen in December.
In response to recent developments, the account Exitpump expressed optimism, suggesting that the much-anticipated “Santa rally” might have finally arrived in the cryptocurrency market.
A post mentioned an increase in big Bitcoin spot traders, indicating further growth ahead, as suggested by the displayed trading volume chart.
At the moment, data from the monitoring resource CoinGloss indicates that around $39.6 million worth of Bitcoin shorts were liquidated in the last 24 hours, while the overall short liquidations across all cryptocurrencies reached approximately $150 million.
Today, Bitcoin exhibits impressive resilience, according to the analysis by Bitcoindata21, as they point out crucial VWAP levels that Bitcoin needs to surpass in order to regain its upward momentum, as depicted in the accompanying chart.
“So far we have flipped the first VWAP resistance (green arrow), and if we can flip the second one at 98.5k, then all time highs can be tackled. Coinbase premium also looks like it wants to break the downtrend (blue line).”
Furthermore, the graph indicated an upward surge in the Coinbase price gap, signaling stronger demand for purchasing during American business hours.
Analyst: Bitcoin downside still a risk
In his own X coverage, popular trader and analyst Rekt Capital adopted a more cautious view.
“Yesterday, Bitcoin showed some signs of a relief rally after which price was rejected to almost new lows. Today, Bitcoin is rebounding yet again and once again into the old support,” he wrote.
“Overall, as long as the previously lost supports turn into new resistance – additional downside should be expected. Conversely, a reclaim of these previously lost supports would obviously be bullish.”
On that particular day, Bitcoin surpassed the performance of U.S. stocks, while the increases in the S&P 500 and Nasdaq 100 were minimal, less than 1% each.
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2024-12-24 18:56