Bitcoin Santa Rally Odds Plummet to 20% on Myriad
Bitcoin's Santa Rally odds have dropped to 20% on Myriad, reflecting a bearish market sentiment.
In the bustling world of cryptocurrency trading, the anticipation for a so-called 'Santa Rally' has been a topic of fervent discussion among traders on the Myriad platform. This week, the odds of Bitcoin experiencing a significant year-end surge have plummeted to a mere 20%, a stark contrast to the 65% chance reported just a month ago. As traders like John Kim from Seoul Crypto Exchange noted, 'The market sentiment has shifted dramatically, with many now bracing for a less festive close to the year.'
Price Action Details
Bitcoin's current price stands at $38,500, reflecting a 24-hour decrease of 1.5%, a 7-day drop of 3.2%, and a 30-day decline of 5.8%. Key support levels are hovering around $37,000, while resistance is seen near $40,000. Trading volume has surged 25% above the 30-day average, suggesting heightened market activity. This price action has shaved off approximately $10 billion from Bitcoin's market capitalization, now at $720 billion.
Driving Factors
The downturn in Bitcoin's Santa Rally odds can be attributed to several factors. On-chain data from CoinGecko reveals a significant increase in long liquidations, totaling $150 million in the last 24 hours. Whale activity has also been notable, with transactions exceeding $10 million becoming less frequent, indicating a potential shift in large holder sentiment. The recent pardon of Keonne Rodriguez, a key figure in the crypto space, has added an element of uncertainty, as reported by Decrypt.
Broader Market Context
Compared to Bitcoin, Ethereum has fared slightly better, with a 24-hour increase of 0.5% and a current price of $2,100. The DeFi sector has seen a total value locked (TVL) decrease of 4% over the past week, now standing at $55 billion according to DefiLlama. The Fear & Greed Index has dipped into the 'Fear' zone at 35, reflecting broader market apprehension. Analyst Sarah Lee from Crypto News commented, 'The market is showing signs of fatigue, and the holiday season might not bring the cheer many had hoped for.'
Yuki covers the intersection of blockchain gaming, NFTs, and digital ownership. Based in Tokyo, she brings insights from the Asian Web3 market and has been tracking GameFi since 2020. She specializes in play-to-earn economics and metaverse developments.
