The price of Bitcoin lost its momentum at the price of $51,500 on the 24th of December, with traders weighing the odds of a Santa rally. According to data that was retrieved from TradingView and Cointelegraph Markets pro, the BTC/USD exchange did preserve its gains from the 23rd of December, where they totaled around 6% with resistance which would most likely kick in at just about $51,500. Most of the opinions about this were mixed among the weary traders about the strength of the rally and whether it would be able to endure such a beating for so long.
Bitcoin Needs To Get Out Of The Slump
Still in its familiar territory despite the uptick overnight, Bitcoin did need to show its strength on longer timeframes- something Cointelegraph was quick to report analysis as saying earlier. For filbfilb, the co-founder of Decentrader, coagulation of low rates of funding mixed with top traders turning out long at the expense of more bearish retail among other triggers did serve as a reason to be deliberately more hopeful.
Rekt Capital, a famous trader of Bitcoin, meanwhile noted that the reversal in fortunes currently implies that Bitcoin had successfully retested the top of a falling wedge structure in place for much of the year. The exchange had previously broken out of the wedge by the end of September. According to data received from the research arm of Deribit, the derivatives exchange, it was plausible that the fund was getting even further bullish about a price of BTC in the middling structure of $50,000 in January.
On the other hand, Bitcoin did manage to post some stronger gains than Ethereum on the day as the largest altcoin returned figures above $4,000.