Although most people are not paying attention to the markets at the moment, the Bitcoin price rose to almost $99,000 on Christmas Eve. This shows the bulls that they will not simply give up, and that there is a scenario in which the bull market will continue in 2025.
Suddenly a green Christmas for Bitcoin?
After reaching an all-time high of $108,000, Bitcoin ran into trouble, dropping to around $92,000. As a result, expectations regarding a so-called Christmas rally were dashed.
But on Christmas Eve, Bitcoin suddenly started to rise again and the digital currency reached a price of almost 99,000 dollars.
Will we see a Bitcoin price of more than 100,000 dollars on the boards come Christmas?
In any case, it is a strong signal from Bitcoin. Normally we see quite deep corrections during bull markets, but during this cycle it is not so bad.
According to the pseudonymous analyst Exitpump, this concerns gigantic buying volumes on the spot markets, which is usually a good signal for the Bitcoin price. The spot market is the normal market, where you buy Bitcoin “on the spot”.
Without speculating on the Bitcoin price with borrowed money, futures, or other forms of derivatives. You pay and get the Bitcoin, that is the spot market.
Price of $98,500 important for Bitcoin
In any case, Bitcoindata21 is optimistic about Bitcoin. “We see positive strength coming out of Bitcoin today,” the analyst said.
“So far we have managed to break the first VWAP resistance (green arrow), and if we can also convert the second into support, we can head towards all-time highs again.
Coinbase Premium also appears to be looking to break its downward trend,” the analyst said.
Although many analysts are currently still bullish about the Bitcoin price, the pseudonymous analyst Rekt Capital is still somewhat hesitant.
After yesterday’s gains, Bitcoin appears to be finding resistance again at the old support level between $96,935 and $97,894. As long as that resistance cannot be turned into support, there is still a good chance that we will fall again, according to Rekt Capital.
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Source: https://newsbit.nl/kerstrally-brengt-bitcoin-naar-bijna-99-000/
