#ReboundRally Bitcoin bulls everywhere may be in for a green Christmas as BTC price action sees a snap rebound.

Recent data indicates that Bitcoin (BTC) has hit new local highs, reaching approximately $98,020 following an influx of purchasing activity from “large spot buyers.” This marked an increase of over 3% on the day and has prompted renewed discussions within the community regarding the potential for a “Santa rally”—a term commonly associated with stock market gains during the holiday season.

Looking ahead, the direction of Bitcoin’s price will heavily depend on several factors, including market sentiment, external economic influences, and the overall trajectory of trading volumes. Analysts continue to monitor key resistance levels, noting that subsequent rallies will require consistent buying pressure coupled with diminishing bearish momentum. Bitcoin’s ability to sustain above the $98,000 mark could signal further upward potential as the year closes.