Bitcoin (BTC) Price Reclaims the $98k Mark as the Santa Rally Begins

This significant rebound came after a consolidation phase and Bitcoin price bounced from the 50 day EMA.

Bitcoin price displayed a strong performance on December 24th, surging back above the $98K mark. This price rise, driven by optimism and lower trading volume during Christmas eve, is known as the "Santa Rally."

After a consolidation phase and a bounce from the 50 day EMA, Bitcoin price showed a significant rebound. At press time, BTC traded at $97,782, up over 4.11% in the past 24 hours. As large holders stepped in, it could continue the upward movement and might break the recent high of $108,268.

A surge in whale activity usually signals accumulation and often precedes an upward price movement. This, combined with rising retail interest, suggests that BTC may see additional buying pressure in the market.

Bitcoin Price Could Reach $110K : Analyst Weighs In

Captain Faibik highlighted that Bitcoin price was surging inside a rising channel and could lift its upward movement toward the upper neckline of the channel. In such a case, the BTC price could reach the $110K mark in the coming sessions.

Moreover, Crypto Rover projects a bullish case on Bitcoin, saying that the Santa Rally has begun. Historically, every year, Bitcoin has a massive bull rally during Christmas eve. This time, BTC could cross the recent highs of $108K and might propel toward the $150K mark in the coming weeks.

What Do Charts Say?

Bitcoin price analysis on the daily timeframe showed relative strength in the last few sessions. Amidst significant volatility, it stayed above the key moving averages and primed for the next bullish leg up.

Despite a retracement of over 10% from its ATH levels, Bitcoin formed a higher low which could be a fresh opportunity to expand the portfolio. However, the Relative Strength Index (RSI) and Money Flow Index (MFI) were 52 respectively at press time, showing that neither buyers nor sellers were in full control.

The price action showed that the uptrend was intact and a bullish continuation pattern was noted. Considering this, Bitcoin price could resume the bullish wave and might reach new highs ahead.

Positive Market Outlook

Data from Coinglass showed that BTC’s Open Interest (OI) rose over 1.25% to $61.36 Billion in the past 24 hours, reflecting long additions. This replicates growing confidence among traders as more long contracts get opened which could fuel bullish movement and might propel BTC above the $100K mark.

In addition to rising Open Interest, its funding rate across cryptocurrency exchanges remained positive, even as it slid below the $100K price level. According to Coinglass data, BTC’s funding rate was 0.0096%.

The immediate support zones were $95K and $93K, whereas the upside hurdles were $101K and $107K.