As the fund bet on the Bitcoin price below USD 60,000 in January 2022, the Bitcoin “Santa Rally” stopped at USD 51,500


Bitcoin (Bitcoin) Lost $51,500 of momentum on December 24th because traders weighed the possibility of the Christmas “Santa Rally” coming true.

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

BTC sees a strong long-term retest

Data from Cointelegraph Markets Pro and Transaction view BTC/USD has maintained its gains since December 23, with a total increase of 6%, and the most recent resistance is above 51,500 USD.

Opinion is mixed Tired traders are concerned about the strength of the rebound and whether it can last for a long time.

Cointelegraph reported earlier and analyzed that despite the overnight rise, it is still within its familiar range, and Bitcoin needs to demonstrate its strength in a longer time frame.

For filbfilb, the co-founder of the trading platform Decentrader, a combination of low financing rates and top traders turning to bulls at the expense of more bearish retail and other triggers has become more promising reasons.

Trader analyst Rekt Capital also pointed out that the current reversal means that Bitcoin “successfully retested” the top of the falling wedge structure for most of 2021. Bitcoin/USD initially broke through the wedge at the end of September.

Data from the research department of the derivatives exchange Deribit added that the fund is increasingly optimistic about the mid-term bitcoin price of $50,000 in January.

“Additional funds are invested in New Year’s activities,” the company Tweet December 24.

“This time, pay attention to BTC again, because a large fund purchased the 52-56k call option x1200 on January 14 near 49.5k, just before the surge >50k.”

As of press time, the price of BTC/USD is slightly lower than US$51,000.

4,000 USD ETH return

Bitcoin succeeded in achieving stronger daily earnings than Ethereum (Ethereum) As the largest altcoin, the day’s earnings still exceeded $4,000.

related: Bitcoin needs to clear $51,000 to reduce the chance of a new BTC whale sell-off

The top ten cryptocurrencies ranked by market capitalization are firmly in the green state. Terra’s continued success Luna Token.

The exception is flat ripples (Ripple),despite this Staged its own rebound earlier this week.

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

“Just like that, people want to buy altcoins again,” Cointelegraph writer Michaël van de Poppe concluded.