Bitcoin experienced a sudden surge, recovering from a low of $91,315 to add more than $3,000 to its price within hours, seemingly defying predictions of an impending bear market. Earlier today, the cryptocurrency plunged to its lowest level since November 26th. However, this downturn proved short-lived as Bitcoin quickly reversed its losses and turned positive on the daily chart.
Data from CoinGlass indicates that nearly $40 million worth of short positions were liquidated in the past 24 hours. While the bulls faced significant losses, Bitcoin is still 12.9% below its record high reached earlier this month. This unexpected rebound has injected optimism into the crypto market. Pseudonymous trader 'Byzantine General' predicts Bitcoin could outperform in the first quarter of 2025, aligning with the industry consensus that Bitcoin will continue to lead in 2025 despite concerns about a fading rally
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