Bitcoin Price Reclaims $98k Amid Santa Rally: What’s Next?

• Bitcoin has finally reclaimed the $98,000 price level as optimism returns.
• Bitcoin ETFs saw $338 Million in outflows in the last 24 hours.

Finally, the so-called “Santa Rally” has begun and the king of cryptocurrency, Bitcoin price has reclaimed the $98k mark.

In other words, it refers to the price rise towards the end of December driven by optimism and lower trading volume during Christmas eve.

This significant rebound came after a consolidation phase and Bitcoin price bounced from the 50 day EMA.

At press time, Bitcoin price traded at $97,782, noting a rise over 4.11% in the past 24 hours. As large holders stepped in, it could continue the upward movement and may break the recent high of $108,268.

A surge in whale activity typically signals accumulation, it often precedes an upward price movement. Combined with rising retail interest, this increased participation from whales suggests that BTC may see additional buying pressure in the market.

Bitcoin Price Could Reach $110k: Analyst Weighs in

Captain Faibik highlighted that Bitcoin price was soaring inside a rising channel and could lift its upward movement toward the upper neckline of the channel.

In such a case, the BTC price could reach the $110k mark in the coming sessions. Moreover, Crypto Rover projects a bullish case on Bitcoin, saying that the Santa Rally has begun.

Historically, every year, Bitcoin has showcased a massive bull rally during the Christmas eve. This time, BTC could cross the recent highs of $108k and may propel toward the $150k mark in the coming weeks.

What do Charts Say?

Bitcoin price analysis on the daily timeframe showcased relative strength in the last few sessions. Amidst significant volatility, it stayed above the key moving averages and primed for the next bullish leg up.

Despite a retracement of over 10% from its ATH levels, Bitcoin formed a higher low which could be a fresh opportunity to expand the portfolio.

However, the Relative Strength Index (RSI) and Money Flow Index (MFI) were 52 respectively at press time, which shows that neither buyers nor sellers were in full control.

The price action shows that the uptrend was intact and a bullish continuation pattern was noted. Considering this, Bitcoin price could resume the bullish wave and may reach new highs ahead.

Positive Market Outlook

Data from Coinglass shows that BTC’s Open Interest (OI) has risen over 1.25% to $61.36 Billion in the past 24 hours, reflecting long additions.

This replicates growing confidence among traders as more long contracts get opened which could fuel bullish movement and may propel BTC above the $100k mark.

In addition to rising Open Interest, its funding rate across cryptocurrency exchanges has remained positive, even as it slid below the $100k price level. According to Coinglass data, BTC’s funding rate was 0.0096%.

The immediate support zones were $95k and $93k, whereas the upside hurdles were $101k and $107k.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.