Bitcoin (BTC) and Altcoins Roar Heading into Christmas Day, BTC Surges to $99K

Bitcoin (BTC) and altcoins have made a notable rebound as Christmas Day approaches. BTC surged to as high as $99K, fueling optimism that the $100K mark could be within reach before the end of the year.

Bitcoin (BTC) and altcoins have shown a remarkable recovery heading into Christmas Day, with BTC surging to as high as $99K.

The market sentiment is bullish, driven by accumulation, especially within the larger wallet categories. As long as the number of wallets in these groups continues to rise and maintain their accumulation pattern throughout 2024, the chances of a sustained bull market increase.

However, recent news from the Federal Open Market Committee (FOMC) had an immediate impact on the market.

Bitcoin briefly dipped to $92K, with altcoins experiencing an even more significant decline. Despite this, short-term holders (STH) of BTC with positions less than 3 months have seen a 3% gain over the past week.

In the last 24 hours, the percentage of Bitcoin traders on Binance taking long positions decreased from 66.73% to 53.60%, reflecting a shift in market sentiment.

As of December 24, Bitcoin ETF net flows showed a drop of 2,306 BTC, equating to approximately $226.3 million in outflows. Among these, Fidelity reported outflows of 1,573 BTC, valued at $154.29 million, leaving the firm with 203,194 BTC, currently worth about $19.94 billion.

Despite market fluctuations, the Bitcoin ecosystem continues to show strong signs of growth and resilience.

The Pro

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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