Bitcoin bulls may be unwrapping an early Christmas present as BTC rose above $98,000 on December 24, fueled by spot buying activity.
A quick rally has revived optimism for a green Christmas in crypto markets.
According to data from BNC, BTC climbed to $99,520, marking a significant trend reversal after testing December lows earlier in the week. The move represents a daily gain of 3%, with new bids pouring in to support the price recovery.
Source: BNC Bitcoin Liquid Index
Big buyers are stepping in
Crypto analysts are buzzing with speculation about a “Santa rally,” a term for year-end market rises. The data suggests the emergence of “large spot buyers,” indicating increased exchange order book volumes and renewed market interest.
Meanwhile, CoinGlass data reported that nearly $40 million in BTC short liquidations were made in the last 24 hours, contributing to a cross-crypto liquidation total of $150 million. This increase in buy-side pressure underlines the rapid shift in market sentiment.
Despite the strength, analysts urge caution
Although there is optimism in the air, not everyone is convinced that the rally will continue. Analyst Rekt Capital remains cautious and emphasizes the importance of regaining previously lost support levels. “If old supports continue to act as resistance, further downside remains possible,” he warned.
Source: X
What’s next for BTC?
As Bitcoin continues to recover, the focus now shifts to whether it can consolidate above critical resistance levels or whether profit-taking and macroeconomic pressures will blunt its momentum. In any case, the stage is set for an exciting end to the year in the crypto markets.
