As a seasoned crypto investor with over a decade of experience under my belt, I have witnessed countless market fluctuations and trends, but none quite like this current surge towards $100K. The Santa Claus rally has always been an exciting time for the equity market, but seeing Bitcoin join the festivities is truly a sight to behold.
The surge in the S&P 500 by 1.1% has ignited the Santa Claus rally in the US equity market, causing Bitcoin’s price to edge closer to $100K levels once more. Today, Bitcoin spiked towards the $100K mark as investors aim for a fresh all-time high beyond $110K, with volatility at 3.9% and a market cap of $1.89 trillion. The total volume traded in the last 24 hours was $41.07 billion.
During the festive season’s bullish trend, Bitcoin climbed as high as $100,000 earlier today, fueling anticipation of a larger crypto market upswing. This rise has sparked renewed enthusiasm among traders, leading to increased speculation that Bitcoin could reach $110,000 soon. However, according to the blockchain analysis firm Santiment, the public sentiment needs to become less exuberant for Bitcoin’s price to attain new record highs.
The recent Bitcoin price rally also comes after MicroStrategy announced its plans to issue more shares to raise funds and continue with its Bitcoin purchase plans. Sean McNulty, director of trading at liquidity provider Arbelos Markets said:
“The news that MicroStrategy plans to issue additional shares next year to acquire more Bitcoin has caused prices to rise. The market is anticipating MicroStrategy’s Bitcoin purchases, making it the primary factor driving the market upward. Keeping tabs on MicroStrategy updates has become an essential part of my daily routine.
Bitcoin Price to See Further Gains in Santa Claus Rally?
The holiday season, particularly around Christmas, has historically benefited Bitcoin and the broader cryptocurrency market. Moreover, given the increased momentum in the S&P 500, it’s possible that the crypto market may experience a similar trend in the near future.
It seems like the highly expected Santa Rally might be underway, given the impressive performance of the S&P 500 during the holiday season. Traditionally, the seven business days commencing on Christmas Eve have shown an average increase of around 1.3% for this index.
Bitcoin has always maintained a strong correlation with S&P 500, and thus, the current uptick could be an indication of what’s coming to BTC ahead. Popular crypto analyst Captain Faibik also stated that the Bitcoin price is floating in an upward trending channel and is on its path to get back $110K.
$BTC #Bitcoin Bullish Rally incoming.. 🔜
— Captain Faibik 🐺 (@CryptoFaibik) December 25, 2024
After briefly dipping from its record high of $108K in December, Bitcoin appears ready to surpass the $100K mark again. As we approach the monthly options expiry, Bitcoin’s price fluctuations have become more pronounced. In the current market dynamics, the 24-hour liquidation has reached an impressive $65 million.
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2024-12-26 13:30