1. Summary:
Bitcoin’s price hovered around $98,000 as traders experienced Christmas Eve gains, with the cryptocurrency showing volatility cooling and potential for bullish momentum continuing. The market sentiment was overall positive, despite concerns about sustained outflows in US spot Bitcoin exchange-traded funds.
2. Key insights:
– Bitcoin’s price was around $98,000 with signs of bullish momentum post-Christmas Eve gains and increased demand from South Korea.
– Traders exhibited optimism with indicators like relative strength index (RSI) divergence and the price holding support levels.
– Concerns arose from sustained outflows in US spot Bitcoin exchange-traded funds, reflecting potential market uncertainty.
– The “Kimchi Premium,” showcasing the price difference between South Korean exchanges and others, saw increased demand and new investors entering the market.
– Analysts advised readers to conduct their own research and be cautious in making investment decisions due to market risks.
