1. Summary:
Bitcoin saw a surge in price, reaching over $98,000 with the help of large spot buyers, leading to a possible “Santa rally” in the crypto market. The rebound in price was fueled by fresh bids and increased buying pressure during US trading hours, outperforming US stocks on the same day.
2. Key Insights:
– Bitcoin’s price surged to over $98,000 with the assistance of large spot buyers, indicating a potential “Santa rally” in the crypto market.
– The rebound in price was supported by fresh bids after a shaky start to the week, which saw BTC retesting December lows.
– Monitoring resources indicated significant short liquidations for Bitcoin and across the crypto market, suggesting fluctuations in trading sentiment.
– Bitcoin exhibited resilience and outperformed US stocks like the S&P 500 and Nasdaq 100 indexes on the day of the price surge.
– Different analysts and traders had varying views on the market movement, with some expressing optimism about the rally while others remained cautious about the volatile price action.
