Bitcoin displayed stability as the world celebrated Christmas, with its recovery from around $93,000 to over $98,000 when writing, reigniting hopes for a Santa rally.
The broader crypto market continued recovering from weekly lows and settled above $3.6 trillion, up 2.68% in the past 24 hours.
While the Altcoin Season Index, which indicates the onset of an alt market rally, remained below 50, green candles were seen across several major altcoins.
Gains were led by MOVE, BGB, and JASMY in response to Bitcoin’s recovery towards $100,000, which has become the next key resistance level for the leading crypto.
The idea of a Santa rally, before and after Christmas when the crypto market tends to rally, was also driving the current momentum for Bitcoin and altcoins.
Will Bitcoin go up?
According to the market commentary channel Exitpump, BTC’s large spot buyers saw an uptick on December 24.
Further, the analytics platform Bitcoindata21 pointed to a rebound in the Coinbase premium, which reflects the price difference between BTC on Coinbase and other global exchanges, adding weight to the narrative that institutional demand was pushing prices higher.
Bitcoin hit a daily high of $99,303.79, narrowly missing the psychological $100,000 mark while maintaining strong upward momentum as the Crypto Fear and Greed Index stayed in the ‘Greed’ zone.
Technicals on the one-day BTC/USDT chart were strong, with a chart shared by pseudonymous analyst Captain Faibik showing the flagship crypto trading within an ascending channel.
The chart suggests Bitcoin could be eyeing a potential breakout toward the $110,000 level if it maintains its current upward trajectory.
Another bullish perspective for Bitcoin was offered by fellow analyst Sensei, who pointed to historical cycle patterns.
Drawing parallels from previous market cycles, Sensei highlighted recurring trends where Bitcoin undergoes a period of consolidation, followed by a breakout and an extended parabolic rally.
If this historical pattern holds, the chart suggests Bitcoin could follow a parabolic curve, potentially pushing prices towards a new all-time high.
On the contrary, analyst Rekt Capital advised against being too optimistic.
He highlighted that while Bitcoin shows signs of a relief rally and attempts to reclaim previous support levels, the price has faced repeated rejections near these zones.
Unless Bitcoin can successfully reclaim and hold key support zones, particularly around $97,894–$96,935, the chances of further downside remain a strong possibility, according to the analyst.
However, he noted that a successful reclaim of these lost supports, coupled with a sustained hold above the ascending trendline, would shift the outlook bullish.
Upon writing, BTC was trading slightly above the $98,000 mark, but it is yet to be seen if bulls manage to establish support by the end of the day.
Meanwhile, altcoins followed Bitcoin’s lead, with the top movers raking in noticeable gains on the day.
Altcoin rally to sustain?
Over the past 24 hours, MOVE rallied 26% to hit a 7-day high of $1.13 on December 25.
The altcoin continued rallying for the third straight day and held a market capitalisation of $2.35 billion at press time.
Source: CoinMarketCap
Movement (MOVE) is the native token of the Layer 2 network built on Ethereum to boost scalability and introduce advanced features for users, and its rally was driven partly by strong technicals, which drew in buyers.
According to analysts on X, MOVE had recently confirmed a Cup and Handle pattern, which is a bullish sign.
Further, the token also saw an uptick in demand from South Korean traders following its listing on Upbit and Bithumb earlier this month.
Bitget Token
Bitget Token (BGB) surged 18% in the past 24 hours to hit weekly highs of $5.76 earlier today.
At the time of writing, its daily trading volume was up 61%, and it boasted a market cap of approximately $8.0 billion.
Source: CoinMarketCap
BGB’s recent performance was driven by several developments in the cryptocurrency exchange.
First, the launch of LaunchX, a token distribution platform, drew strong investor interest. Second, the success of BGB Launchpool has also helped inflate prices for the altcoin.
More recently, the exchange announced a collaboration with the Tron blockchain and a partnership with SunPump, a meme coin launcher on the network, adding to the bullish momentum.
Jasmy Coin
JASMY was up 15% as it enjoyed the Santa rally, which saw it hit an intraday and a weekly high of $0.0405 on Christmas day.
Its total market capitalisation stood at over $1.9 billion at press time.
Source: CoinMarketCap
Jasmy, often referred to as Japan’s Bitcoin, surged on retail demand, which has been on the rise over the past week.
The number of JASMY tokens on exchanges steadily decreased, dropping by 1.97% to 16.74 billion tokens on December 24. As of this writing, the value stands at just over 13 billion tokens, according to CryptoQuant data.
The altcoin also witnessed increased whale activity, with one whale scoping up over 37.9 million tokens on December 24.
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