Bitcoin Consolidation Defies Holiday Season Expectations, Impacting Crypto Market Trends
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As Bitcoin enters a consolidation phase with reduced volatility, it appears to defy expectations of a traditional “Santa Rally.” The cryptocurrency market has been hit by massive liquidations, which took away almost $800 million in traders’ positions. Almost 84% of these liquidated positions were long positions.
In the recent past, many expected a surge in the cryptocurrency market during the holiday season, but it seems that Bitcoin’s consolidation phase may be impacting other assets as well. Meanwhile, XRP and DOGE continue to exhibit strong correlations with Bitcoin, which could hinder their growth.
Michael Saylor, founder of MicroStrategy and one of the most prominent figures in the cryptocurrency space, urged the community to take a break during the holiday season.
As Bitcoin’s movements often set the tone for broader trends within the crypto market, it may be some time before we see significant upward momentum.
Source: u.today
