Bitcoin 'Santa rally' buyers step in to drive BTC price to $98K
2024-12-24
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Bitcoin (BTC) passed $98,000 after the Dec. 24 Wall Street open as “large spot buyers” lifted deflated BTC price action.
Santa rally talk returns as BTC price gains $5,000
Data from Cointelegraph Markets Pro and TradingView showed BTCUSD hitting new local highs of $98,020 on Bitstamp.
Up by more than 3% on the day, Bitcoin attracted fresh bids after a shaky start to the week saw a retest of December lows.
Commenting on the latest moves, popular X account Exitpump was among the optimists hoping that a “Santa rally” may have come for crypto after all.
“$BTC Large spot buyers showing up, lfg,” a post stated alongside a chart showing exchange order-book volumes.
The latest data from monitoring resource CoinGlass put 24-hour BTC short liquidations at nearly $40 million at the time of writing, with the cross-crypto total at $150 million.
“Nice strength in bitcoin today,” fellow analytics account Bitcoindata21 continued alongside a chart showing necessary volume-weight average price (VWAP) levels to reclaim next.

The chart additionally showed a rebound in the Coinbase premium, reflecting increased buying pressure during US trading hours.
Analyst: Bitcoin downside still a risk
In his own X coverage, popular trader and analyst Rekt Capital adopted a more cautious view.
“Yesterday, Bitcoin showed some signs of a relief rally after which price was rejected to almost new lows. Today, Bitcoin is rebounding yet again and once again into the old support,” he wrote.

Bitcoin outperformed US stocks on the day, with the S&P 500 and Nasdaq 100 indexes both up by less than 1%.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.