news 
Bitcoin Santa Rally: BTC Rockets Past $98K in Holiday Comeback
As the holiday season approaches, it appears that Bitcoin (BTC) is unwrapping a Christmas gift for its supporters. The cryptocurrency has surged past the $98,000 mark, marking a significant turnaround after testing December lows earlier this week.
According to data from Brave New Coin, BTC skyrocketed to $99,520, representing a 3% daily gain. This sudden turn of events is fueled by spot buying activity, as fresh bids flood in to support the price recovery.
Crypto analysts are buzzing with speculation about a “Santa rally,” a term used to describe year-end market surges. The data suggests that large spot buyers have emerged, showcasing heightened exchange order-book volumes and signaling renewed market interest.
Meanwhile, CoinGlass data has reported nearly $40 million in BTC short liquidations over the past 24 hours, contributing to a cross-crypto liquidation total of $150 million. This surge in buy-side pressure underscores the market’s swift shift in sentiment.
Despite this sudden optimism, not everyone is convinced that the rally will be sustained. Analyst Rekt Capital emphasizes the importance of reclaiming previously lost support levels, cautioning that if old supports continue to act as resistance, further downside remains a possibility.
As Bitcoin continues to rally, the focus now shifts to whether it can consolidate above critical resistance levels or if profit-taking and macro pressures will cool its momentum. Either way, the stage is set for an exciting end to the year in the crypto markets.
Source: bravenewcoin.com
