Leading cryptocurrencies declined Sunday as the "Santa Claus Rally" faded heading into the New Year.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | -1.25% | $93,670.65 |
| Ethereum (CRYPTO: ETH) | +1.15% | $3,338.32 |
| Dogecoin (CRYPTO: DOGE) | -3.03% | $0.3142 |
What Happened: Bitcoin slipped below $93,000 in the evening but recovered to $93,600 as traders purchased the dip.
The market has dramatically reversed course since the leading cryptocurrency teased the $100,000 level on Christmas.
Bitcoin was down 2.79% in December, compared to gains of 4.76% for the month on average.
Ethereum followed a similar trajectory until a brief surge late in the evening, which resulted in 24-hour gains for the cryptocurrency.
Nearly $160 million was liquidated from the market in the last 24 hours, with long liquidations accounting for $117 million.
Bitcoin's Open Interest fell 0.16% in the last 24 hours, coinciding with the drop in price.
However, traders were hopeful of a price rebound as the number of long positions for the coin exceeded shorts, according to the Long/Short Ratio.
The "Greed" sentiment weakened from 73 to 65, according to the Crypto Fear & Greed Index, implying lower buying interest ahead of New Year.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Ethena (ENA) | +7.55% | $1.00 |
| FTX Token (FTT) | +5.48% | $3.58 |
| Virtuals Protocol (VIRTUAL) | +5.12% | $3.56 |
The global cryptocurrency market capitalization stood at $3.27 trillion, following a drop of 2.02% in the last 24 hours.
Stock futures ticked lower Sunday evening. The Dow Jones Industrial Average Futures fell 49 points, or 0.11%, as of 8:35 p.m. EDT. Futures tied to the S&P 500 dipped 0.07%, while Nasdaq 100 Futures was down slightly by 0.01%.
Blue-chip averages were set to end 2024 on a high, with the S&P 500 and the Dow Jones Industrial Average rising 25.89% and 14%, respectively.
See More: Best Cryptocurrency Scanners
Analyst Notes: Noted cryptocurrency analyst Ali Martinez spotted a buy signal on Bitcoin's hourly chart using the TD Sequential indicator.
However, he cautioned that the reversal thesis would be validated only if $93,000 is held as support.
The TD Sequential indicator presented a buy signal on the #Bitcoin $BTC hourly chart, anticipating a price rebound if, only if, the $93,000 support holds. pic.twitter.com/bQZIt5rzAO
— Ali (@ali_charts) December 29, 2024
Another well-known chartist, Rekt Capital, noted the flipping of old support levels as resistance, confirming the downside.
$94,250 on the daily would need to be lost for the price to drop into the low $90,000s," the analyst added.
#BTC
— Rekt Capital (@rektcapital) December 29, 2024
Old supports are acting as new resistance
As a result, technically, the breakdown has been confirmed
But the follow-through in bearish downside continuation ever since has been relatively limited thus far
$94250 on the Daily would need to be lost for price to drop into... pic.twitter.com/fNGbcWrHdZ
Photo by Avi Rozen on Shutterstock
- Bill Gates Expressed Skepticism Towards Bitcoin: 'I Would Short It' If Possible
