🎄🎁 #XmasCryptoMiracles
As 2024 approaches its end, crypto enthusiasts are waiting for the “Santa Claus Rally”. Will the kind of crypto close the year with a boom or will we see a silent closing? Bitcoin is hovering around $96,316 with a slight dim of 0.35% from December opening. A few minutes ago it was over 2%, however as we approach christmas eve, it looks like Santa is preparing the gift.
Current Momentum: A Mixed Bag
December started with Bitcoin flirting with record highs, but it’s now down $15,000 from last week’s peak. Still, BTC has climbed by 2.28% in the past two hours, showing that short-term traders are staying active.
Zooming out, Bitcoin’s performance for Q4 2024 has been impressive. It’s up by nearly 49% this quarter alone. Year-to-date returns are even more stunning, with a 124% gain from January and a 157% jump from the year’s peak price.
Bitcoin is testing the 1.618 Fibonacci retracement level near $101,000 as resistance, with technical indicators pointing to a potential pullback. A decline could see Bitcoin retesting support at $69,000, aligning with its ascending trendline and the neckline of the previously formed inverse head-and-shoulders (IH&S) pattern.
The $69,000 level is crucial as it served as the breakout point for the IH&S pattern earlier in 2024. A successful defense of this level could set the stage for a strong rebound, targeting the next Fibonacci level at 2.618, near $150,000.