The global crypto market has made an electrifying move suppressing the prolonged dreary move prior to Christmas. The market leaders Bitcoin and Ethereum are back on track with 6.05% and 4.98% gains round the clock. However, the previous week was pretty bearish with fears of the new Covid variant Omicron and the US Fed meeting.
Wherefore, digital asset investment products (ETFs) saw record-breaking outflows of $142 million in the last week. Coinshares insights have further confirmed outflows worth $89 million from Bitcoin ETFs which is the second-highest weekly outflow of the year. Whilst Christmas and New year are just around the corner, slowly and gradually the market is charting green.
Bitcoin Accumulation Mode is On!
As the majority of the traders are chaotic over Bitcoin price action, it is awaited whether the market gets a Santa Claus rally or lump of coal by the end of December. Popular crypto analyst Dylan LeClair is seen optimistic of a decent upsurge in the upcoming days. He shared a chart from Glassnode that highlights an upward move in accumulation over the past 30 days.
However, the Bitcoin price was trading within the range bound scale between $46k to $48k. The recent upsurge in accumulation has yielded a nice breakout, uplifting the price action up to $51.1k. Meanwhile, the flagship asset has experienced a spike in social sentiments post crossing the psychological mark of $50k.
Along with a resurgence in price action, the traders are optimistic about the flagship asset crossing the next resistance levels. Besides, analyst Will Clemente is hopeful of an explosive rally if the asset flips the above resistance level of $53k. However, the asset is still trading around crucial zones of $51k, in order to add up another $2000, the analyst expects little more negative funding to short squeeze up to $53k.
Collectively, the flagship asset is slowly making its headway to the Santa Claus rally, the next couple of days would play a decisive role. If it could able to get through the crucial resistances above $53k, then we might enter a grand new year with price of $56k, where sleek bull season is expected.