The Santa Claus Rally faces uncertainty as Bitcoin dips to $94,955. Strong trading volumes and mixed on-chain signals suggest a pivotal week ahead.The Santa Claus rally, a seasonal market trend where prices historically rise in the last week of December, has become a hot topic in the crypto world. As we approach the end of 2024, crypto investors are questioning whether this rally has already fizzled out or if it still has the potential to drive markets higher.
Bitcoin, the market leader, is currently trading at approximately $95,000, reflecting a less than 1% increase in the past 24 hours.Despite the minor pullback, trading volumes remain strong. Bitcoin’s dominance, now at 55.08%, underscores its pivotal role during this seasonal period.Furthermore, the Fear & Greed Index, currently at 70 (Greed), suggests market sentiment remains bullish, albeit cautiously.The Santa Claus rally has historically been linked to bullish sentiment, tax-driven buying, and increased retail participation. However, recent events have introduced volatility, including the expiration of over $2.6 billion in Bitcoin and Ethereum options.Meanwhile, technical indicators like the Relative Strength Index (RSI) for BTC and ETH hover near neutral levels, suggesting a lack of clear directional momentum.The rally’s performance in the coming days will largely depend on key resistance levels. Bitcoin faces a psychological barrier at $100,000, while Ethereum needs to reclaim $3,500 to regain bullish momentum.For those navigating the current market, risk management is crucial. Investors should watch for momentum shifts, particularly in the MACD and RSI, while monitoring macroeconomic trends and regulatory updates that may impact sentiment. While the Santa Claus rally hasn’t delivered explosive gains, its potential isn’t entirely diminished. The next week will be pivotal as the market transitions into 2025
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »