{"id":580,"date":"2021-12-24T21:54:35","date_gmt":"2021-12-24T21:54:35","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=580"},"modified":"2021-12-24T21:54:36","modified_gmt":"2021-12-24T21:54:36","slug":"bitcoin-santa-rally-pauses-at-51-5k-as-funds-bet-on-a-sub-60k-btc-price-for-january-2022","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=580","title":{"rendered":"Bitcoin &#8216;Santa rally&#8217; pauses at $51.5K as funds bet on a sub-$60K BTC price for January 2022"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) lost momentum at $51,500 on Dec. 24 as traders weighed the odds of a &#8220;Santa rally&#8221; coming true for Christmas.\u00a0<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC sees potent long-term retest<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0saw BTC\/USD preserve its gains from Dec. 23, these totaling 6% with resistance most recently kicking in at just above $51,500.<\/p>\n<p>Opinions were mixed\u00a0among weary traders about the strength of the rally and whether it could endure for long.<\/p>\n<p>Still in its familiar range despite the overnight uptick, Bitcoin needed to show its muscle on longer timeframes, Cointelegraph reported analysis as saying earlier.<\/p>\n<p>For filbfilb, co-founder of trading platform Decentrader, a combination of low funding rates and top traders turning long at the expense of more bearish retail among other triggers served as reason to be more hopeful.<\/p>\n<p lang=\"en\" dir=\"ltr\">Bitcoin; <\/p>\n<p>Diag Breakout<br \/>Top traders long, normies fading the move up <br \/>OI up 2.86 bn \/ 40% <br \/>Funding low <br \/>Sitting right below 10x liquidations <\/p>\n<p>Happy Christmas. pic.twitter.com\/LvRSAN8iTN<\/p>\n<p>\u2014 filbfilb (@filbfilb) December 24, 2021<\/p>\n<p>Trader analyst Rekt Capital meanwhile noted that the reversal currently meant that Bitcoin had &#8220;successfully retested&#8221; the top of a falling wedge structure in place for much of 2021. BTC\/USD had originally broken out of the wedge at the end of September.<\/p>\n<p lang=\"en\" dir=\"ltr\">#BTC has successfully retested the top of the macro Flagging Structure as support$BTC #Crypto #Bitcoin https:\/\/t.co\/oWwwzblc90 pic.twitter.com\/brm5rVDyfd<\/p>\n<p>\u2014 Rekt Capital (@rektcapital) December 24, 2021<\/p>\n<p>Data from the research arm of derivatives exchange Deribit added that funds were getting more bullish about a Bitcoin price in the mid-$50,000s in January.<\/p>\n<p>&#8220;Additional funds jumping into the NewYear play,&#8221; the firm tweeted on Dec. 24. <\/p>\n<p>&#8220;This time, refocus on BTC, as one large Fund buys a strip of Jan14 52\u201356k Calls x1200 around 49.5k spot, just before spike &gt;50k.&#8221;<\/p>\n<p>At press time, BTC\/USD stood at just under $51,000.<\/p>\n<h2>$4,000 ETH returns<\/h2>\n<p>Bitcoin managed to post stronger daily gains than Ether (ETH) on the day as the largest altcoin nonetheless returned above $4,000.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin needs to clear $51K to reduce the chance of new sell-off from BTC whales<\/em><\/strong><\/p>\n<p>The top ten cryptocurrencies by market cap were firmly in the green, led by ongoing success for Terra&#8217;s LUNA token.<\/p>\n<p>The exception was a flat Ripple (XRP), which had nonetheless staged its own rally earlier in the week.<\/p>\n<p><em>ETH\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<p>&#8220;And just like that, people want to buy altcoins again,&#8221; Cointelegraph contributor Micha\u00ebl van de Poppe summarized.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-santa-rally-pauses-at-51-5k-as-funds-bet-on-a-sub-60k-btc-price-for-january-2022\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) lost momentum at $51,500 on Dec. 24 as traders weighed the odds of a &#8220;Santa rally&#8221; coming true for Christmas.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC sees potent long-term retest Data from Cointelegraph Markets Pro and TradingView\u00a0saw BTC\/USD preserve its gains from Dec. 23, these totaling 6% with resistance most recently [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/580","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=580"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/580\/revisions"}],"predecessor-version":[{"id":582,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/580\/revisions\/582"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/581"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}