Are Bulls Positioning for a Santa Rally?

The crypto market showed signs of recovery on Christmas Day, gaining 0.67% in the last 24 hours. This rebound contributed to a weekly rise of 1.46%, pushing the total market capitalization to $2.95 trillion. 

Market participants are closely watching signs of a potential Santa Rally after weeks of sideways movement.

Bitcoin (BTC) hovered above $87,000, and Ethereum (ETH) stood at a point of almost $2,900. Other crypto coins, such as Solana (SOL), Cardano (ADA), XRP, and Dogecoin (DOGE), gained in a small surge as investors became more confident.

Top Performers in the Crypto Market

Canton (CC) was the highest performing stock in the last 24 hours, registering an 18.90% growth, and traded at $0.107. Zcash (ZEC) surged 10.14% to reach $447.50.

Dash (DASH) was another stock that succeeded, rising 9.03% to $39.64, Lido DAO (LDO) increased 7.86 percent, and Jupiter (JUP) went up by 7.84 %to 0.2002.

Bitcoin Price Holds 87,400 as Traders Eye Friday’s Options Expiry

Bitcoin price climbed 0.9% over the last 24 hours, extending its weekly gain to 0.68%. The wider crypto market experienced a short-term upward trend, although the bullish trend is still weak.

A significant expiry event is now on the radar of traders on this Friday and will include 24 billion in Bitcoin options and 6 billion in Ethereum contracts.

In case Ethereum recovers the level at $3,000, the price can increase to reach $3,500. Nevertheless, the price might fall below the level of $2,900 due to the pressure to sell more, which will restore bearish sentiment. The volatility in the market is bound to increase towards the expiry date.

ETH Holds $2,900 as Bulls Eye $3K Breakout This Week

Ethereum price is stabilizing above the $2,900 level after a recent market rebound. The wider crypto market experienced a short-term upward trend, although the bullish trend is still weak.

A significant expiry event is now on the radar of traders on this Friday and will include 24 billion in Bitcoin options and 6 billion in Ethereum contracts.

In case Ethereum recovers the level at $3,000, the price can increase to reach $3,500. Nevertheless, the price might fall below the level of $2,900 due to the pressure to sell more, which will restore bearish sentiment. The volatility in the market is bound to increase towards the expiry date.

XRP Price Rebounds Toward $2 Breakout

XRP price is showing signs of a potential recovery after a steep 30-day decline of 14%. In the last 24 hrs, XRP increased by 0.6% and is now trading at $1.86.

The rebound is based on a strong position above the $1.6963 support level, where a triple bottom has been created. This is a structure that usually has a reversal of the trend.

The price has also pierced through a channel of a downtrend, meaning there could have been a shift to the bullish. The change in momentum would be confirmed by a prolonged regaining of the $2 mark.

Should be successful, bulls will target the first levels of $2.50, and then a possible push toward at least $3 in the next few sessions.

What’s Next For Crypto Market?

Overall, the crypto market is approaching a crucial phase as bulls attempt to regain control. Key resistance levels remain in focus.

The significant volatility may be precipitated by the major expiry of options on Friday.