Bitcoin (BTC) Price Approaches $100K Level on Christmas Eve, Shorts Liquidated

The price of Bitcoin, the leading cryptocurrency by market capitalization, is approaching the $100,000 level once again on Christmas Eve.

Bitcoin Price Surges Closer to $100K on Christmas Eve, Liquidating $61M in BTC Shorts

Bitcoin (CRYPTO: BTC) price is once again closing in on the $100,000 level on Christmas Eve.

The leading cryptocurrency by market capitalization is currently trading at $98,703, according to data from CoinGecko.

The cryptocurrency has seen a surge of almost 6% in a matter of hours, which some pundits have jokingly referred to as a “Christmas miracle.”

However, Bitcoin bears may not be feeling the festive spirit following the sudden spike. According to data from CoinGlass, roughly $61 million in Bitcoin shorts were liquidated over the past four hours.

The S&P 500 index closed 1% higher, while the tech-heavy Nasdaq 100 index, which recently added business intelligence MicroStrategy (NASDAQ:MSTR), is up by 1.3%.

The recent Bitcoin purchase comes as a welcome development for Bitcoin bulls, who had been struggling to regain ground following hawkish rhetoric from the Fed.

However, even after the latest price surge, the Bitcoin price is still down roughly 9% from the record high of $108,135 seen on Dec. 17.

Last year, Bitcoin was trading at the $43,000 level on Christmas Eve. In 2022, the flagship cryptocurrency was changing hands at roughly $16,000 after enduring a massive crash that occurred following the FTX implosion.

So far, the cryptocurrency has surged by nearly 140% in 2024, and some pundits, such as SkyBridge Capital founder Anthony Scramucci, believe that the flagship coin might double in price in 2025.