The “Christmas Effect” Takes Bitcoin Above $51,300

The “Christmas Effect” Takes Bitcoin Above $51,300

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2021-12-26 04:04:11

The world’s largest cryptocurrency Bitcoin is increasing by more than 6% to return to the $51,000 threshold for the first time since December 7.

The “Christmas Effect” Takes Bitcoin Above $51,300

Bitcoin (BTC) is on a perfect Christmas run, hitting a new weekly high at $51,375. This is the latest development of BTC’s recovery since December 20, when the coin started to rise from the low of $45,500.

1H graph of BTC/USDT pair on Binance exchange at 08:25 AM on 12/24/2021

However, there is no clear reason behind the current rally when Bitcoin has lost its momentum to go up, as analyzed by CHK. Many observers believe that this is simply a “Christmas effect”, when Asian investors take advantage of buying while the US and European markets are on holiday.

Since the terrifying correction to $42,000 in early December, the world’s No. 1 cryptocurrency has spent the next three weeks stuck in the $45,000 to $51,000 price range with no sign of a breakout or continuation. clear decline.

The BTC price trend is likely to be waiting for information from both the macro and crypto markets to turn around, such as the latest moves of the US Federal Reserve (Fed) on interest rate adjustments. interest rates, or large institutional or national investors like El Salvador continue to have investments in BTC.

Looking back on history, Bitcoin has generally recorded good volatility in December, leading many to hold on to hope that BTC will recover for the rest of the month.

Bitcoin price movement month by month. Source: Unfolded

Bitcoin’s “hesitancy” has created an opportunity for altcoins to increase sharply, most notably Terra (LUNA) continuously setting ATH, Polygon (MATIC) – Uniswap (UNI) benefiting from the partnering with each other and Near Protocol (NEAR) by supporting stablecoin UST.

Synthetic CHK

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