As 2024 approaches, Bitcoin December surge enthusiasts anticipate a ‘Santa Claus Rally.’ Will the cryptocurrency’s value rise or stay the same when the year ends? Since its December launch, Bitcoin has fallen 0.35% to $96,316. The initial exchange price was $96,316. Santa Claus is getting ready to offer gifts as Christmas Eve approaches. This very minute, the percentage was higher than 2%.
Bitcoin’s December Performance
Despite Bitcoin’s flirtation with record highs at the start of December, the cryptocurrency is currently $15,000 down compared to last week. On the other hand, it has risen by 2.28% in the past two hours, suggesting that short-term traders are still active. In hindsight, Bitcoin had a successful fourth quarter of 2024. Its growth this quarter alone is about 49%.
The returns thus far this year have been even more remarkable, increasing by 157% from the highest price of the year and 124% from January. Despite the excitement of these numbers, Bitcoin’s performance in December pales in comparison to its usual end-of-year fireworks. It is reasonable to be cautiously optimistic today given that December has traditionally gone either way.
RSI Insights and Bitcoin Surge
Technical charts can tell stories. Bitcoin’s monthly Relative Strength Index (RSI) is 75.20, indicating oversold conditions but growth potential. More upward momentum is possible because the Relative Strength Index (RSI) reached 96 during previous bull runs. Unless major investors like whales sell, a short-term increase may be higher. An hourly RSI of 62 suggests a spike.
Whale activity below $90,000 suggests resistance is decreasing. We can see this. There may be substantial opposition above $96,400 and perhaps more above $108,000. Development appears conceivable, but a Christmas rally is uncertain. Clearing small trades has increased confidence, but whales may keep things unstable.
Bitcoin’s December
Bitcoin might have had a strong December by the end of the week. Given that some people are still enraged, there is a possibility that a Christmas demonstration may take place. It is also easy to push back against it. It is possible that whales will not sell a considerable quantity of shares. As a consequence of this, prices can now settle below $100,000. Bitcoin unquestionably drives our excitement. There could be some news in the closing days of 2024, regardless of how enormous or how tiny it may be.
Summary
Bitcoin’s December rise boosted its price in 2024. Bitcoin is down 0.35% at $96,316. Crypto supporters expect a ‘Santa Claus Rally’ as Bitcoin surges again in December after a 49% rise in Q4. Bitcoin’s year-to-date returns are strong, rising 157% from the year’s high and 124% from January, despite the current decline. Technical signals like the monthly RSI at 75.20 suggest Bitcoin may have the potential to climb.
Previous data shows that the RSI can reach 96 during bull runs, indicating a short-term increase. Bitcoin struggles at some prices. It faces considerable pushback above $96,400 and $108,000. Big buyers, or “whales,” can alter the market by selling shares. This could prevent Bitcoin from reaching $100,000 for now. Bitcoin’s price could soar in December 2024’s final days. The result may be ambiguous due to “whale investors” and “resistance points.”
