After several days of fluctuating below $95,000, Bitcoin suddenly surged on Christmas Eve (12/24), reaching $99,487 at 2 AM, and is currently oscillating around $98,063.

Although Bitcoin is experiencing one of its worst performances in December, having accumulated a 2% decline over the past 30 days, which has dampened market expectations for a 'Christmas rally', last night's performance rekindled hope for some traders.

According to a report by Cointelegraph, cryptocurrency trader Exitpump believes that the cryptocurrency market may finally welcome a 'Christmas rally', and shared a chart of the exchange order book trading volume, indicating that large-scale positions are entering the market. Data shows that due to the sudden rise in the cryptocurrency market, a total of $235 million in perpetual contracts were liquidated in the past 24 hours, with the liquidation amount for short positions (betting on a decline) at $142 million, far exceeding that of long positions (betting on a rise).

Another analyst, Bitcoindata21, pointed out that Bitcoin performed strongly on Christmas Eve, breaking through the first volume-weighted average price (VWAP) resistance level. If it can break through and stabilize above the $98,500 resistance level next, a breakthrough of the historical high will be imminent.