Economist Declares ‘Santa Rally’ on Bitcoin By U.Today
U.Today – Crypto Enthusiasts Have Also Embraced The Santa Rally Idea it’s not just a concept found in traditional markets, it essentially describes a rise in asset prices in late December, often driven by optimism, low trading volumes and positive sentiment during the holidays.
This phenomenon, although irregular, was observed in December’s historical performance. Economist Alex Kruger highlighted this trend recently when he announced that the Santa Rally is finally here.
Bitcoin price’s recent recovery after the 50 EMA drop seems to support its claim. Due to the persistence of this support level, which is around $98,000, Bitcoin has been able to revive higher year-end expectations. At this point, the Bitcoin chart shows Bitcoin surged near the psychological $100,000 mark after falling to an important support level. But things are still not going so smoothly.
The modest volume that has accompanied the move to the upside thus far suggests that the rally could lose momentum in the absence of stronger buying pressure. Retaking the $100,000 mark would be a huge psychological victory for Bitcoin if it continues to rise, which is likely the way. flat for future achievements.
However, if the price does not rise above $100,000, there may be a consolidation or even a retest of the $94,500 support. If that level is broken, Bitcoin may move towards the next significant support level, which is $85,000 is being observed, but traders should be careful.
While a broader bullish phase may be starting with a rally, cautious expectations are advised due to the lack of strong volume and continued market uncertainties. Bitcoin’s resilience at critical levels offers some hope at the moment, but whether or not this holiday cheer will have lasting momentum remains to be seen. in the coming days.
English