The long-awaited Santa rally is here, with Bitcoin (
$BTC ) surging past the $98,000 mark, igniting optimism across the crypto market. After weeks of consolidation, BTC has reclaimed a local high of $98,020, rising over 3% in a single day.
📈 Bitcoin’s Rebound: What Sparked the Rally?
Market Momentum:-Bitcoin experienced a brief consolidation, retesting lows before a fresh wave of whale buying sparked a bullish surge. -Over $53M in short positions were liquidated within 24 hours, highlighting the market's dramatic shift.Key Levels to Watch:-Traders are eyeing the VWAP resistance at $98,500. If BTC breaks this level, it could pave the way for a push toward an all-time high (ATH).-Regulatory clarity and institutional interest continue to bolster confidence in BTC’s long-term outlook.
🌟 Altcoins Join the Festive Rally
Bitcoin’s rise has pulled the altcoin market along for the ride, with notable performances from:
Ethereum (ETH)
-Trading at $3,506, up 5.24% in the last 24 hours.-Fueled by growth in DeFi and network upgrades like Dencun,
$ETH could aim for $6,000 if momentum continues.
Solana (SOL)
-Recovering from earlier challenges,
$SOL is trading at $197.73, up 6.66% in 24 hours.-Experts suggest a potential breakout during this festive period.
XRPWhile XRP’s gains are modest, it continues to navigate volatility with bullish traders targeting $4, and $1.9280 as a key rebuy zone.
🚀 Is Bitcoin Heading for a New ATH?
With renewed momentum, Bitcoin appears poised to challenge its ATH of $69,000:
Analysts see $98,500 as a critical resistance level. A successful breach could open the door to uncharted territory in 2024.BTC’s resilience and outperformance against traditional stocks like the S&P 500 and Nasdaq 100 further fuel optimism.
🔥 Takeaway
The Santa rally has breathed new life into the crypto market, with Bitcoin leading the charge and altcoins rallying in its wake. With institutional interest surging and key resistance levels in sight, 2024 could start with a bang for BTC and its loyal holders.
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