Market updates
Bitcoin ‘Santa Claus rally’ hopes dwindle as price hits December low
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2024-12-24 | 5m
Bitcoin has fallen 14.5% from its peak high this month as the cryptocurrency dipped below $92,500 this week.
Bitcoin has dropped to its lowest price since late November, dampening hopes of a “Santa Claus rally” that has historically resulted in solid gains over the holiday period in years preceding market cycle peaks. Bitcoin fell to $92,442 during late trading on Dec. 23, its lowest price in four weeks, and a correction of 14.5% from its all-time high of just over $108,000 on Dec. 17. It briefly rebounded to reclaim $95,000 before falling back to $94,000 during early trading on Dec. 24 and it currently remains down more than 11% over the past week.
Crypto markets have historically performed well through the festive season during bull markets, but Bitcoin’s dismal December performance has quashed hopes of a so-called Santa Claus rally — a price jump during the last five trading days of December through to the first two trading days in January. Bitcoin social sentiment hit its lowest point this year on Dec. 22, which could signal an incoming recovery.
Source:
CoinTelegraph
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