Bitcoin price falls over 1% after an upside move of almost 5% in the last few days, with Bitcoin dominance sliding from above 52% to near 50.5%. There’s no sign of support from trading volume, the global crypto market cap declined 0.50% to $1.67 trillion, and the Crypto Fear and Greed Index down from 75 to 72 (greed). Some altcoins jump in anticipation of the Santa Claus rally after Christmas.
Crypto Market Outlook for Santa Claus Rally
Traders are bullish on Bitcoin and other key altcoins, especially after the US CPI and PCE inflation data cools and the US Federal Reserve is set to pivot next year.
The major trading markets are on Christmas vacation and market activity is down, even though the crypto market remains open. There are hardly any macro events this week, except jobs data and short-term treasury bill auctions, and no major crypto-related events.
Crypto withdrawals due to the end of BUSD support and stablecoins flows at the end of the year are the only events, which will hardly have any impact on the crypto market.
The coming Friday’s annual options delivery will be a key event, with nearly half of Bitcoin and Ethereum options positions facing delivery. Traders will be looking to take fresh positions, considering various factors including an anticipated spot Bitcoin ETF approval, Bitcoin halving, and technical charts.
The U.S. Dollar Index (DXY) slips to 101.71 and the 10-year Treasury yield falls 6-month low, potential factors for an uptick in Bitcoin price.
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Bitcoin Falls, Altcoins Rise on Christmas
BTC price stagnates near the $43,000 mark and altcoins take the lead on Christmas. Bitcoin price fell 1% in the past 24 hours, but a rise in trading volume indicates a potential rebound.
Crypto analysts remain bullish. CredibleCrypto said, “Absolutely primed for the next leg up- hopefully we get one more quick swipe into low 43k’s to fill a few more of my bids first.” The market expects BTC price hitting $50k soon.
Top altcoins such as ETH, SOL, BNB, XRP, ADA, and AVAX pullbacks after setting a strong upside momentum for this week. Traders eye trading volumes on spot and derivatives markets for a Santa Claus rally next week.
AXS, QNT, ORDI, KDA, SEI, MINA, and other altcoins are leading gainers in the crypto market on Christmas. AXS and KDA prices skyrocketed over 30% and 60%, respectively.
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