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Bitcoin Sees Brief Rebound to $98,117.38 on Christmas Day
As Christmas festivities come to a close, the cryptocurrency market has been witnessing a remarkable turn of events. Despite the ongoing bearish sentiment and regulatory concerns, Bitcoin (BTC) saw an unexpected surge, briefly touching $98,117.38 on Christmas day.
This sudden 4.17% gain comes as no surprise, considering the asset’s historical tendency to defy gravity during holiday seasons. According to CryptoSlate’s data analysis, this brief rebound may be attributed to a combination of factors.
Firstly, the recent bullish sentiment fueled by institutional investors and prominent figures in the space has shown resilience. Trump’s pro-Bitcoin rhetoric and favorable market conditions have undoubtedly had an impact on the price action, further reinforcing the notion that institutions are actively accumulating the asset.
Moreover, top 10 NFT collections have seen a surge in weekly returns, with some collections experiencing remarkable growth. This development may have piqued the interest of mainstream investors, who may be looking to capitalize on this nascent market opportunity.
However, it’s essential to note that floor prices for these NFTs are still a long way from their peaks. A correction is inevitable, and investors should exercise caution when considering entering this market.
Meanwhile, data suggests that large investors have taken advantage of the recent dip to accumulate discounted Bitcoin. This move may be indicative of further price appreciation in the near future.
It remains unclear whether this brief rebound will hold or not. We urge readers to maintain a balanced perspective and stay informed about market developments as we continue to monitor the situation.
What do you think? Share your thoughts in the comments section below.
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Source: cryptoslate.com
