Bitcoin’s “Santa Claus Rally” stops at the $ 51,500 mark

Bitcoin (BTC) price lost momentum on December 24th at $ 51,500which led traders to weigh the chances of a “Santa Claus rally” this Christmas.

BTC / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

BTC is experiencing a powerful long-term retest

The data from Cointelegraph Markets Pro and TradingView looked like this The BTC / USD pair held up 6% gains on Thursday with recent resistance above $ 51,500.

The opinions of the weary traders were mixed; They talked about the strength of the uptrend and whether it could last long.

Bitcoin’s “Santa Claus Rally” stops at the $ 51,500 mark
Bitcoin’s “Santa Claus Rally” stops at the $ 51,500 mark

Bitcoin, which remains in its usual range overnight despite the rally, has to show its strength over longer periods of time. according to Cointelegraph analysis.

For filbfilb, co-founder of the trading platform Decentrader, a combination of low funding rates and top traders long positions at the expense of the most pessimistic retailers, among other things, gave cause for hope.

The analyst Rekt Capital pointed out that the pullback currently meant that Bitcoin had “successfully retested” the top of a descending wedge structure for much of 2021. The BTC / USD pair originally broke the wedge in late September.

Data from the research department of Deribit derivatives exchange added that The funds became more bullish compared to a mid-January Bitcoin price of $ 50,000.

“Additional funds will flow into the New Year’s game”, tweeted sign on Friday.

“This time around, we need to focus on BTC again as a large fund buys a Jan14 52-56k calls x1200 strip at 49.5k spot, just before the higher high of $ 50,000.”

At the time of going to press, the BTC / USD pair hovered just below $ 51,000.

ETH hits $ 4,000

Bitcoin posted higher daily gains than Ether (ETH) on that day. when the price of the largest altcoin returned to over $ 4,000.

The top ten cryptocurrencies by market capitalization were green, led by the continued success of Terra’s LUNA token.

The exception was a flat XRPwhich, however, held its own rally earlier this week.

ETH / USD (Bitstamp) 1-hour candlestick chart. Source: TradingView

“And so people want to buy altcoins again”, summarized Cointelegraph employee Michaël van de Poppe.

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