Well, darlings, it seems Bitcoin has decided to don its party hat once again, leaping to a rather fabulous $90K during the Asian trading session on this fine 29th of December. A delightful 2% upswing, mind you, following a rather uneventful holiday season-poor BTC must have missed the Santa rally that propelled U.S. equities to dizzying heights!
Now, according to our dear friends at CoinGlass, this recent pirouette in price is all about a liquidity hunt for those cheeky leveraged shorts perched above the $90K mark. How dramatic! 💃
For the past few days, our beloved Bitcoin [BTC] has been dancing between $85,000 and $90,000, all while being led by the whimsical music of liquidity grabs. Quite the show, isn’t it?
And with a touch of upside liquidity lurking at $90.9K, one can only imagine what delightful surprises await us in the near future!
New Year Rally Expectations and an Altcoin Soirée
But wait, there’s more than just liquidity frolicking about! Our astute chums at CryptoQuant tell us that speculators in the Futures market are ramping up their bullish bets, perhaps envisioning a grand New Year rally. Oh, the anticipation! 🎊
The Bitcoin Funding Rate, which is essentially the mood ring of the crypto market, has recently surged, indicating that our beloved traders are feeling rather optimistic about a potential breakout. Isn’t it lovely when everyone’s in a good mood?
This upbeat sentiment was echoed by none other than Sebastian Bea, the rather astute CIO of BTC treasury firm ReserveOne Inc., who opined,
“Monday’s uptick appears somewhat driven by short-term retail traders taking on growing positions in Futures.” Ah, the joys of retail enthusiasm!
Our dear altcoin market also decided to join the party, catching a bit of the Bitcoin upswing magic. Among the top daily gainers, we have the charming Canton [CC] up a splendid 10%, closely followed by Midnight [NIGHT] at 9.4%, and Solana [SOL] striding in at a respectable 3%. Cheers to them! 🥂
Additionally, there’s been quite the altcoin accumulation trend led by our friends Chainlink [LINK] and Artificial Superintelligence Alliance [FET]. The Binance Altcoin Netflow data has certainly illustrated this delightful trend.
However, let’s not get too carried away, shall we? Altcoins are still trailing behind BTC, with the overall altcoin season index languishing at a meager 18. Still, the altcoin market cap has bravely broken a key resistance, which analyst Ash Crypto suggests could signal renewed traction. How thrilling! 🎈
Looking ahead, the FOMC minutes from the previous meeting are expected to grace us with their presence on the 30th of December. This little gem will set the tone for January’s rate cut expectations and, oh, I do believe we’re in for some market volatility as we ring in the New Year!
Final Thoughts
- Bitcoin bounced 2% during the Asian session amid rising bullish bets for a New Year rally and liquidity hunt. How positively grand!
- Select altcoins posted 3-10% daily price gains with an increasing accumulation trend. Bravo, my dears!
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2025-12-29 19:28