Is Bitcoin Delivering Above $100K Christmas Miracle?

As 2024 approaches its end, crypto enthusiasts are waiting for the “Santa Claus Rally”. Will the kind of crypto close the year with a boom or will we see a silent closing? Bitcoin is hovering around $96,316 with a slight dim of 0.35% from December opening. A  few minutes ago it was over 2%, however as we approach christmas eve, it looks like Santa is preparing the gift.

Current Momentum: A Mixed Bag

December started with Bitcoin flirting with record highs, but it’s now down $15,000 from last week’s peak. Still, BTC has climbed by 2.28% in the past two hours, showing that short-term traders are staying active.

Zooming out, Bitcoin’s performance for Q4 2024 has been impressive. It’s up by nearly 49% this quarter alone. Year-to-date returns are even more stunning, with a 124% gain from January and a 157% jump from the year’s peak price.

While these numbers are exciting, December’s movement feels average compared to Bitcoin’s usual end-of-year fireworks. Historically, December has swung both ways, so the cautious optimism we see now makes sense.

Indicators Hint at Growth Potential

Technical charts tell an interesting story. Bitcoin’s monthly RSI sits at 75.20, suggesting it’s oversold but with room to grow.

Previous bull runs saw RSI reach as high as 96, so there’s precedent for more upward momentum.

Hourly charts show an RSI of 62, which hints at a short-term push higher unless big players—whales—decide to liquidate positions. Speaking of whales, their activity above the $90,000 zone shows resistance thinning out. However, there’s a key barrier at $96,400, with even more significant resistance stacking above $108,000.

This creates a scenario where the path to a Christmas rally looks possible but not guaranteed. The clearing of short trades adds optimism, but whale intervention could keep things volatile.

What to Expect

With just a week left in December, the final weekly candle could decide Bitcoin’s fate for the year. The possibility of a Christmas rally remains alive, driven by strong sentiment and reduced resistance. But let’s not ignore the risk of whale-driven liquidations that could keep prices below $100,000 for now.

One thing is clear—Bitcoin isn’t done surprising us. Whether it’s steady gains or a dramatic spike, the last few days of 2024 could still bring big headlines.