Bitcoin's Santa Rally may lose momentum without stronger buying pressure

From Investing.com

December 25, 2024 07:00:22 AM:

Crypto enthusiasts are getting into the holiday spirit with the idea of a Santa Rally, anticipating a price increase in late December driven by positive sentiment and lower trading volumes.

Bitcoin’s recent recovery towards $98,000 after hitting a support level at $94,500 is seen as a sign of the Santa Rally. However, the modest volume accompanying the move suggests the rally may lose momentum without stronger buying pressure.

If Bitcoin fails to surpass $100,000, there could be consolidation or a retest of the $94,500 support level, with the next significant support level at $85,000. Traders are advised to remain cautious despite the optimism surrounding the Santa Rally.

While a wider bullish phase may be sparked by the rally, the lack of strong volume and market uncertainties call for cautious expectations. Bitcoin’s resilience at crucial levels offers some hope, but whether the momentum will last beyond the holidays remains to be seen.

Read more at Investing.com: Economist Declares ‘Santa Rally’ on Bitcoin By U.Today