As Bitcoin (BTC) soared past $98,000 on December 25th, traders worldwide rejoiced at the well-timed Christmas Santa rally. Despite some initial volatility, the cryptocurrency seemed poised for further growth, thanks in part to renewed interest from South Korean investors. The recent surge in BTC prices can be attributed to several factors, including increasing institutional adoption and growing mainstream acceptance.
However, one shadow looming over the market is the continued outflow of funds from U.S.-based spot Bitcoin exchange-traded funds (ETFs). Despite this, many experts remain optimistic about the future of Bitcoin, citing strong demand and potential for continued growth. On the technical side, Bitcoin is currently stuck between two daily simple moving averages (SMAs), with the 21-day and 50-day trend lines at approximately $99,600 and $94,650, respectively.
This presents an interesting challenge for traders, who will be watching closely to see which line breaks first. For those interested in delving deeper into the world of cryptocurrencies, now might be a great time to start learning about blockchain technology and its potential applications. With the continued rise of digital assets, understanding this emerging sector could prove valuable in the years ahead.
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