#MarketRebound

Hopes for a "Santa rally" for Bitcoin have faded after the price hit a December low

Bitcoin has fallen 14.5% from its peak this month, as the cryptocurrency plummeted below $92,500 this week.

Bitcoin dropped to its lowest price since late November, reducing hopes for a “Santa Claus rally,” which has historically generated solid gains during the holiday season in years preceding market cycle peaks. It fell to $92,442 during overnight trading on December 23, its lowest price in four weeks, and a correction of 14.5% from its all-time high of just over $108,000 on December 17.

It briefly recovered to surpass $95,000 before falling back to $94,000 during early trading on December 24, and continues with a decline of more than 11% in the last week.