After the pullback before Christmas, Bitcoin (BTC) rebounded and broke through the 98,000 mark, bringing a "green Christmas gift" to bulls. On December 24, the price of Bitcoin broke through $98,000 driven by strong buying in the spot market, reaching a high of $99,487, setting a new recent trading record. As the price rose by more than $5,000, the market discussion about the Christmas market heated up.
The rebound benefited from a large amount of buying support in the spot market. X account Exitpump commented that Bitcoin may usher in a "Christmas rebound" and verified the current buying pressure through exchange order data. According to CoinGlass data, in the past 24 hours, BTC shorts were forced to close by nearly $40 million, the market's bearish sentiment gradually subsided, and investors' bullish sentiment increased.
Despite the optimistic market sentiment, analyst Rekt Capital reminded investors to pay attention to changes in support levels. He pointed out that Bitcoin is approaching a new low after rebounding and returning to the original support level. If the lost support level turns into resistance, it may bring downside risks. However, if Bitcoin successfully recovers the lost support level, the market is expected to rise further.
Currently, Bitcoin's rebound is gathering momentum. If the $98,500 resistance level is broken and stabilized at this level, the market could see a strong rise. With the intensification of short liquidation and continued buying in the spot market, Bitcoin is expected to see a breakthrough rise in early 2024.
The market will pay attention to whether Bitcoin can break through this key technical level. If successful, a new all-time high may be reached soon and investment sentiment will further heat up.
Ethereum’s rebound of 3500 yesterday was in line with expectations; as delivery approaches, both bulls and bears will most likely make sideways adjustments at 3500!
From a technical analysis, ETH has currently broken above the cloud chart. The cloud chart is an indicator of support and resistance. When the price is above the cloud chart, it means there is support, which may push ETH up to $4,109. If the bulls can maintain above $4,000, the value of ETH may rise further to $4,500. However, if the bears dominate, the price of ETH may fall back to $3,111 or even fall below $3,000.
The day after tomorrow, the 27th, is the delivery of quarterly contracts and options. Now it seems that the bulls and bears will not cause trouble before the delivery, and the altcoins will have a breathing space and continue to be held!
The current market has started, and the key is to stabilize the leading stocks in hand. Just like LPT's previous rebounds, although the trend was not strong, it rose 30% yesterday with the influence of Grayscale. ENA rebounded sharply a few days ago, and although it has been sideways recently, it still has potential.
CRV performed strongly yesterday and may pull back today. The market is rotating and rising. Excellent currencies can double in value if you just hold them. Frequent currency changes may miss opportunities, and once they fall, the losses will increase.
The market is gradually stabilizing, and altcoins may usher in a second wave of growth. The main tracks include:
Core projects: $ONDO, $OM, $CRV, $XLM, $XRP, $HBAR
Trump/Musk related currencies: $AAVE, $LINK, $COW, $DOGE
Innovative projects: $SUI, $ENA, $USUAL, $HYPE
Sector rotation: AI, DEPIN, MEME and NFT have great potential.
Related projects: $FET, $TAO, $VIRTAL, $JASMY, $HMT, $XYO, $PEPE
The recent NFT market rebound, hot projects: $PENGU, $APE