
As the world celebrated Christmas, Bitcoin displayed stability, recovering from around $93,000 to over $98,000 at the time of writing, rekindling Santa rally hopes.
The broader crypto market continued to recover from weekly lows and closed above $3.6 trillion, up 2.68% in the last 24 hours.
While the Altcoin Season Index, which signals the beginning of an alt market rally, remained below 50, green candles were seen in several major altcoins.
MOVE, BGB and JASMY gained in response to Bitcoin’s recovery to $100,000, which has become the next major resistance level for the leading crypto.
A’s idea Santa RallyThe period before and after Christmas, when crypto markets tend to rally, was also driving the current momentum for Bitcoin and altcoins.
Will Bitcoin rise?
According to market commentary channel ExitPump, a surge in large spot buyers of BTC was seen on December 24.
Additionally, analytics platform BitcoinData21 points to a rebound in the Coinbase premium, which reflects the price difference between BTC on Coinbase and other global exchanges, lending credence to the narrative that institutional demand is pushing prices higher.
Bitcoin reached a daily high of $99,303.79, slightly missing the psychological $100,000 mark, while the Crypto Fear and Greed Index maintained strong momentum as it remained in the ‘greed’ zone.
Technical conditions on the one-day BTC/USDT chart were strong with a chart Shared by pseudonymous analyst Captain Fabik Showing major cryptos trading within an ascending channel.
The chart shows that Bitcoin could be eyeing a potential breakout to the $110,000 level if it maintains its current upward trajectory.
Another bullish perspective for Bitcoin was offered by fellow analyst Sensei, who pointed to historical cycle patterns.
Drawing parallels to past market cycles, Sensei highlighted recurring trends where Bitcoin goes through a period of consolidation, followed by a breakout and an extended parabolic rally.
If this historical pattern holds, the chart shows that Bitcoin could follow a parabolic curve, potentially pushing prices towards a new all-time high.
In contrast, analysts at Rect Capital advised against being overly optimistic.
He highlighted that while Bitcoin shows signs of a relief rally and attempts to retest previous support levels, the price has faced repeated rejections near these areas.
According to the analyst, unless Bitcoin successfully reclaims and holds key support areas, specifically around $97,894-$96,935, further downside is likely.
However, he added that a successful recapture of these lost supports, combined with a continued hold above the ascending trend line, would turn the outlook bullish.
At writing, BTC was trading slightly above the $98,000 mark, but it remains to be seen if the bulls manage to establish support by the end of the day.
Meanwhile, altcoins led Bitcoin, with the top movers posting notable gains on the day.
Will Altcoin’s Rally Continue?
Over the past 24 hours, MOVE rose 26% to a 7-day high of $1.13 set on Dec. 25.
Altcoins continued to rise for the third consecutive day and have a market capitalization of $2.35 billion at press time.

Source: coinmarketcap
Movement (MOVE) is the native token of the Layer 2 network built on Ethereum to boost scalability and introduce advanced features to users, and its rally was partly driven by strong technicals, which attracted buyers.
According to analysts at X, MOVE recently confirmed a cup and handle pattern, which is a bullish signal.
Additionally, the token also saw a surge in demand from South Korean traders after its listing on Upbit and Bithumb earlier this month.
bitgate token
BitGet Token (BGB) rose 18% in the last 24 hours to reach a weekly high of $5.76 this morning.
At the time of writing, its daily trading volume had increased by 61%, and its market capitalization was approximately $8.0 billion.

Source: coinmarketcap
BGB’s recent performance was driven by several developments at the cryptocurrency exchange.
First, the launch of LaunchX, a token distribution platform, attracted strong interest from investors. Second, the success of BGB Launchpool has also helped boost altcoin prices.
Recently, the exchange announced a collaboration with the Tron blockchain and a partnership with Sunpump, a meme coin launcher on the network, adding to the bullish momentum.
Jasmine Sikka
JASMY was up 15% as it enjoyed a Santa rally that hit intraday and weekly highs of $0.0405 on Christmas Day.
At press time it had a total market capitalization of more than $1.9 billion.

Source: coinmarketcap
Jasmine, often referred to as Japan’s Bitcoin, surged on the back of retail demand, which has been rising since last week.
The number of JASMY tokens on exchanges continued to decrease, falling by 1.97% to 16.74 billion tokens on December 24. At the time of writing, the value is just over 13 billion tokens, according to CryptoQuant data.
The altcoin also saw an increase in whale activity, with one whale acquiring over 37.9 million tokens on December 24.
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