"Christmas Market" in History
Comparing the performance of the market this year with the data of the past few years, people have to re-examine this long-awaited market.
1. The peak of the bull market in 2017:
Bitcoin began to pull back sharply after reaching a historical high of nearly $20,000 on December 17. It ushered in a short-lived rebound a few days before Christmas, but eventually continued to fall and failed to form a "Christmas market" trend.
2. The bull market in 2020:
The Christmas of the bull market was very powerful. Bitcoin soared from $19,000 in early December to $28,000 after Christmas, directly opening the prelude to the bull market in 2021.
3. The bear market in 2022:
During the Christmas period, the price of Bitcoin fluctuated around $16,000, and no obvious upward trend was formed. Market sentiment was low, capital liquidity was insufficient, and investors were more on the sidelines.
The current market Christmas market possibility
The state of the market adjustment:
Recently, Bitcoin has pulled back from a high of $105,000 to $90,500. Although this wave of adjustment seems fierce, from the on-chain data, a large amount of BTC has been absorbed at the key support level of $97,500, indicating that bulls are still trying to defend.
The market is still in a bull market cycle, but the bullish sentiment is slightly weak during the adjustment period.