Is Bitcoin Delivering Above $100K Christmas Miracle?

As 2024 nears its finish, crypto fanatics are ready for the “Santa Claus Rally.” Will crypto finish the yr with a increase or will we see a quiet shut? Bitcoin is hovering round $96,316 with a slight decline of 0.35% from the December open. A couple of minutes in the past this was nonetheless over 2%, however as we method Christmas Eve, it appears to be like like Santa Claus is making ready the reward.

Present momentum: a combined bag

December began with Bitcoin flirting with file highs, however is now down $15,000 from final week’s peak. Nonetheless, BTC is up 2.28% previously two hours, exhibiting that short-term merchants stay energetic.

Zooming out, Bitcoin’s efficiency for This autumn 2024 is spectacular. It is up virtually 49% this quarter alone. The total yr returns are much more beautiful, with a 124% acquire from January and a 157% enhance from the yr’s peak worth.

Whereas these numbers are thrilling, December’s transfer feels common in comparison with Bitcoin’s regular year-end fireworks. Traditionally, December has gone each methods, so the cautious optimism we’re seeing now is smart.

Indicators level to development potential

Technical maps inform an attention-grabbing story. Bitcoin’s month-to-month RSI stands at 75.20, which suggests it’s oversold however nonetheless has room to develop.

In earlier bull runs, the RSI has reached as excessive as 96, so there may be precedent for extra upside momentum.

Hourly charts present an RSI of 62, which signifies a short-term upside except main gamers – whales – resolve to liquidate their positions. Talking of whales, their exercise above the $90,000 zone exhibits resistance easing. Nevertheless, there’s a key barrier at $96,400, with even greater resistance stacks above $108,000.

This creates a situation the place the trail to a Christmas rally appears doable, however not assured. Clearing shorts brings optimism, however whale intervention may hold issues risky.

What to anticipate

With only a week left in December, the ultimate weekly candle may resolve Bitcoin’s destiny for the yr. The opportunity of a Christmas rally stays, pushed by robust sentiment and diminished resistance. However let’s not ignore the danger of whale-induced liquidations, which may hold costs beneath $100,000 for some time.

One factor is evident: Bitcoin shouldn’t be able to shock us but. Whether or not it is regular beneficial properties or a dramatic spike, the previous couple of days of 2024 may nonetheless make large headlines.