The much-awaited “Santa rally” is here, and Bitcoin (BTC) price has come out on top, reclaiming the $98,000 mark.

After weeks of uncertainty, BTC price reclaimed new local highs at $98,020, up by over 3% in a single day.

This bullish move followed a brief consolidation period where Bitcoin appeared to lose momentum. However, it found new life as whale buyers stepped in, fueling the price surge.

Bitcoin Price Rally After Brief Consolidation

Bitcoin entered a consolidation period recently, with prices dipping to retest previous lows. This brief pause in bullish price action made many wonder whether the bull run had lost steam.

However, a fresh wave of buying pressure has quickly lifted the price above $98,000. As large spot buyers entered the market, Bitcoin’s price action shifted from bearish to bullish.

Monitoring data from TradingView illustrated how BTC/USD rebounded as the trading day unfolded. This signaled that the market still favors Bitcoin despite recent volatility.

– Advertisement –

The Bitcoin market experienced over $53 million in short liquidations within 24 hours, reflecting the intensity of the market’s shift. Additionally, the overall crypto market saw a liquidation total of $274 million.

Traders are cautiously optimistic, watching key levels like the VWAP resistance at $98,500. If this resistance is overcome, Bitcoin could continue its rise toward all-time highs.

Bitcoin’s resurgence is mostly driven by renewed interest from institutional investors, global financial shifts, and growing mainstream adoption.

The expected regulatory clarity, especially in the U.S., has also boosted investor confidence and attracted more capital to Bitcoin.

Altcoin Performance – ETH, SOL, XRP, and Others

While Bitcoin stole the spotlight, the altcoin market also made notable moves.

Digital assets, including Ethereum (ETH), Solana (SOL), and XRP, show signs of a clear rebound.

Ethereum (ETH) has steadily climbed following Bitcoin’s surge. The asset is trading at $3,506, up by 5.24% in the last 24 hours, per market data. Analysts are optimistic that the asset’s price might reach $6,000 soon if it continues its bullish trajectory.

This growth is mostly supported by the network’s expansion of Decentralized Finance (DeFi) applications. Additionally, ongoing network upgrades, like the Dencun upgrade, drove further advancements.

Solana (SOL), which faced several challenges earlier this year, including declining market prices and network reliability concerns, has also displayed a strong recovery.

While the token still lags behind Bitcoin in terms of price growth, experts think it could be ready to soar during this festive period.

Currently, SOL price was trading at $197.73, up by 6.66% in the last 24 hours.

XRP, on the other hand, saw slight gains, continuing its volatility as it navigated crucial challenges and market uncertainty. XRP sets sights on $4, with $1.9280 as the key rebuy zone set by bullish traders.

While Bitcoin led the charge, altcoins are still in the game, and their performance remains closely tied to Bitcoin’s price action.

Is Another ATH in View for Bitcoin?

With Bitcoin’s swift recovery and market strength, many wonder if a new all-time high (ATH) is within reach.

Analysts suggest Bitcoin is poised for a breakout if it surpasses key resistance levels, particularly the $98,500 mark. Clearing this level could pave the way for Bitcoin to challenge its previous ATH above $69,000.

Caution remains as traders like Rekt Capital highlight resistance risks at lost support zones, which could trigger pullbacks.

Others point to Bitcoin’s recent performance as a unique strength. The asset, outpacing US stocks like the S&P 500 and Nasdaq 100, has fueled optimism.

With the Santa rally in full swing, Bitcoin may be set for new heights in 2024, but its next move will determine if it breaks into uncharted territory.