As 2024 approaches, the Bitcoin December surge is gaining momentum, with crypto fans hoping it will lead to a ‘Santa Claus Rally.’ Are there any signs that the value of the cryptocurrency will increase as the year draws to a close, or will it remain stable? Since it was first traded in December, the price of Bitcoin has decreased by 0.35%, now trading at $96,316. The price was $96,316 when we first exchanged it. Just a few minutes ago, the percentage was more than 2%, but as we draw closer to Christmas Eve, Santa Claus is getting ready to offer the present.
Bitcoin’s December Performance
Bitcoin flirted with record highs at the beginning of December, but it is now down $15,000 from its peak last week. However, it has increased by 2.28%, indicating that short-term traders remain active during the last two hours. Looking forward, Bitcoin has performed well in Q4 2024. Just this quarter, it has increased by about 49%. The year-to-date returns are even more impressive, with a 157% increase from the year’s top price and a 124% rise from January. While these figures are thrilling, December’s movement seems mediocre compared to Bitcoin’s customary year-end pyrotechnics. December has historically gone either way, so the cautious optimism we are seeing today makes logical sense.
RSI Insights and Bitcoin Surge
Technical charts can reveal an intriguing narrative. Every month, the Relative Strength Index (RSI) for Bitcoin stands at 75.20, indicating that the cryptocurrency has experienced oversold conditions yet holds potential for further growth. There is precedent for more upward momentum because the Relative Strength Index (RSI) could climb as high as 96 during past bull runs. This suggests a potential for a short-term surge to be higher unless significant investors, such as whales, decide to sell their holdings.
The RSI on hourly charts is 62, indicating a higher likelihood of a surge. When we discuss whales, we can see that their activity below the $90,000 zone implies that resistance is lessening. This is something we can discern. Above $96,400, however, a significant barrier might be encountered, and above $108,000, there is the potential for even more severe opposition. Therefore, the development situation seems plausible, but a Christmas rally is uncertain. Clearing short transactions has increased confidence; nonetheless, the involvement of whales may continue to make things unstable.
Bitcoin’s December
Bitcoin might have had a good December by the end of the week. Given that some individuals are still incensed, there is a possibility that a Christmas protest may take place. It is also easier to push back against it. It is possible that whales will not sell a significant number of shares. As a consequence of this, prices can now settle below $100,000. Bitcoin unquestionably fuels our excitement. There could be some news in the last days of 2024, regardless of how huge or small it may be.
Also Read: Bitcoin Volatility Outlook for Christmas Week in 2024
Summary
As 2024 comes to a close, Bitcoin’s price has increased, driven by a Bitcoin December surge. Currently, the cryptocurrency is selling at $96,316, down 0.35%. Crypto fans are looking forward to a ‘Santa Claus Rally’ as they anticipate another Bitcoin December surge, building on its 49% growth in Q4. Bitcoin’s year-to-date returns are very good, with a 157% rise from the year’s high point and a 124% rise from January. This is despite the present drop. Technical signs, like the Relative Strength Index (RSI) being at 75.20 every month, show that Bitcoin may have more room to grow.
Based on past data, the RSI can reach as high as 96 during bull runs, which could mean a short-term spike. But Bitcoin runs into trouble at some price points. Above $96,400 and $108,000, for example, it meets strong opposition. Big buyers, or “whales,” could also change the market by selling their shares. For now, this could keep Bitcoin from going over $100,000.Bitcoin’s price could either keep going up or jump sharply in the last few days of December 2024. However, the result may be unclear because of the impact of “whale investors” and “resistance points.”
