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Bitcoin smashes $44k - is a Santa rally underway?

Published Dec 06, 2023 08:47 Updated Dec 06, 2023 09:11
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Bitcoin smashes $44k - is a Santa rally underway?
 
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Proactive Investors - Bitcoin (BTC) had another rager on Tuesday by climbing 5% against the US dollar to hit another 20-month high of $44,500.

It brings year-to-date gains for bitcoin above 165% as a combination of macroeconomic and technical factors provides a fertile market for the benchmark cryptocurrency.

Pending approval of a swathe of spot-bitcoin exchange-traded funds (ETFs) has generated an immense swell of hype for mainstream US adoption of bitcoin as an asset class, while peak rates, cooling inflation and a softening US dollar have increased the risk-on appetite among investors.

Bitcoin has since fallen back below $44k, with the BTC/USDT pair swapping for $43,788.

Bitcoin’s has surged more than 160% year to date – Source: tradingview.com

Bitcoin bulls are now weighing up the likelihood of a Santa rally to bring even more festive cheer to the markets, though the seasonal calendar effect may have already been priced in.

According to Matteo Greco from Fineqia International: “Given the current market momentum, a retracement in December is plausible to reduce open interest and leverage before building an upward trend as the SEC decision (on spot-bitcon ETFs) deadline approaches.

“An approval is expected to bring short-term capital influx from the traditional finance investors, fueling the uptrend, while a rejection might trigger a short-term negative price action due to high expectations of approval by market participants.”

Ethereum (ETH) hit its own 20-month high of $2,312 in early-Wednesday trades before creeping back to $2,277 at the time of writing.

In the broader altcoin space, Avalanche (AVAX) and Dogecoin (DOGE) have steered ahead of the market by penning more than 20% in week-on-week gains each, while BNB and Ripple (XRP) have failed to capitalise on the latest swing higher in crypto prices.

Cardano (ADA) has added a little over 10% week on week, with Solana (SOL) close behind.

Global cryptocurrency market capitalisation exceeded $1.6 trillion overnight, with bitcoin dominance approaching 55%.

Read more on Proactive Investors UK

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Bitcoin smashes $44k - is a Santa rally underway?
 

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Comments (1)
Alex Ounz
Alex Ounz Dec 06, 2023 9:46
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I cautioned everyone that as we approach the last halving, Bitcoin is poised to surge due to its limited supply, which results in restricted liquidity and increased demand. Confidence in fiat currency linked to counterparty risk is waning.
Kamrooz Varzi
Kamrooz Varzi Dec 06, 2023 9:46
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if anything its reaching a shirt term top and will fall back once the bitcoin etf gets approval, much the same as the bitcoin futures etf. Only retail foods buying how, price will come down
 
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