TradingView data revealed that BTC/USD climbed to fresh local highs of $99,400 on Bitstamp.
Gaining over 3% within a single day, Bitcoin saw renewed interest from buyers after a rocky start to the week, which included a retest of December’s price lows.
One of the more optimistic takes came from popular X account Exitpump, which hinted at the possibility of a festive “Santa rally” taking hold in the crypto market.
“BTC Large spot buyers showing up, lfg,” the account shared, alongside a chart highlighting significant exchange order-book activity.
According to CoinGlass, Bitcoin short liquidations surged to nearly $40 million in the past 24 hours, while liquidations across all cryptocurrencies totaled $150 million at the time of writing.
Analytics account Bitcoindata21 noted Bitcoin’s strength, posting a chart that highlighted key volume-weighted average price (VWAP) levels.
“So far, we’ve broken through the first VWAP resistance (green arrow),” they explained. “If we flip the next one at $98.5K, it opens the path toward all-time highs. The Coinbase premium is also showing signs of breaking its downtrend (blue line).”
The chart also reflected a rebound in the Coinbase premium, signaling increased buying pressure during U.S. market hours.
Analysts Weigh Bitcoin’s Next Moves
Not everyone in the trading community is convinced that Bitcoin’s rally is sustainable. Trader and analyst Rekt Capital shared a more cautious outlook.
“Yesterday, Bitcoin hinted at a relief rally but was rejected near fresh lows,” he observed. “Today’s rebound is pushing back into old support, but as long as lost support levels turn into resistance, further downside remains likely. Reclaiming these supports, however, would be bullish.”
On the day, Bitcoin outpaced traditional U.S. stock markets, with the S&P 500 and Nasdaq 100 both seeing gains of under 1%.
Bitcoin’s performance during this seasonal surge continues to fuel discussions about its ability to sustain momentum and test key resistance levels.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
