Bitcoin Jumps 7% Is the Santa Rally Here?
In the past 24 hours, Bitcoin ( $BTC ) has surged 7% from its recent lows, raising speculation about the arrival of a Santa Rally.
However, traders should closely monitor the key resistance level at $100,000, which was retested following the recent price drop.
Key Observations:
1. Psychological Barrier: The $100K level is a psychologically significant milestone and a dynamic resistance zone.
2. Bearish Order Block: This area also represents a bearish order block, adding technical challenges for further upside movement.
3. Declining Volume: Despite the price increase, volume is decreasing, signaling potential weakness in the move.
Caution Ahead—Consolidation Phase
While the price action appears promising, BTC is still consolidating. Traders are advised not to FOMO into long positions near $100K. Instead, wait for a clear breakout and reclaim above $100K before considering bullish positions.
Alternative Trades Beyond Bitcoin
Given the uncertainty, altcoins may offer better opportunities in the short term. Diversification and risk management remain key strategies as the market navigates this consolidation phase.