Bitcoin Santa Rally: BTC Rockets Past $98K in Holiday Comeback

A snap rally has revived optimism for a green Christmas across the crypto markets.

According to data from BNC, BTC climbed to $99,520, marking a significant turnaround after testing December lows earlier in the week. The move represents a 3% daily gain, with fresh bids flooding in to support the price recovery.

Source: BNC Bitcoin Liquid Index

Crypto analysts are buzzing with speculation of a “Santa rally,” a term for year-end market surges. The data suggests the emergence of “large spot buyers,” showcasing heightened exchange order-book volumes and signaling renewed market interest.

Meanwhile, CoinGlass data reported nearly $40 million in BTC short liquidations over the past 24 hours, contributing to a cross-crypto liquidation total of $150 million. This surge in buy-side pressure underscores the market’s swift shift in sentiment.

While optimism is in the air, not everyone is convinced the rally will be sustained. Analyst Rekt Capital remains cautious, emphasizing the importance of reclaiming previously lost support levels. “If old supports continue to act as resistance, further downside remains a possibility,” he warned.

Source: X

As Bitcoin continues to rally, the focus now shifts to whether it can consolidate above critical resistance levels or if profit-taking and macro pressures will cool its momentum. Either way, the stage is set for an exciting end to the year in the crypto markets.