Bitcoin Starts Christmas Rally with Historical Appreciation Since April 2022

The cryptocurrency market has witnessed a moment of significant optimism, with Bitcoin reaching a new high since April 2022, surpassing the $39,000 mark. This recent rise in Bitcoin is a reflection of investors’ growing enthusiasm for potential Bitcoin ETFs (Exchange-Traded Funds) and the influence of global factors on the market.

The price of Bitcoin, which is a key indicator for the cryptocurrency market, saw a notable increase of around 3%, briefly reaching $39,800. After this movement, Bitcoin corrected close to US$39,300. At the time of publication, the price of BTC was quoted at US$39,700.00, up 2% in the last 24 hours and 5.9% in the week.

Likewise, most major altcoins are also on the rise. ETH is consolidating above $2,120. XRP still faces resistance near the $0.63 zone. ADA is consolidating near the $0.3900 level. Solana rose close to US$65.00 and is now quoted at US$63.15.

Other altcoins trending today: Terra (LUNC) is up 23.7%, Bittensor (TAO) is up 19.9% ​​and ORDI is up 17.6% in the last 24 hours.

The expectation surrounding the approval of a Bitcoin ETF has been one of the main catalysts for this rally. This anticipation has generated the largest crypto fund inflows in two years, a fact highlighted in a CoinShares report. Bitcoin ETFs are seen as a major step towards the integration of cryptocurrencies into the traditional financial system, offering investors a more regulated and accessible way to invest in Bitcoin.

In addition to ETF expectations, other factors have also contributed to the strengthening of Bitcoin. Binance, one of the largest cryptocurrency exchanges, signed a record agreement, reinforcing confidence in the market. Additionally, the election of Javier Milei as president of Argentina caused a significant increase in the price of Bitcoin in the country, reflecting the search for digital assets in economies with financial instability.

In short, the price of bitcoin is consolidating above $39,500. If BTC overcomes the $39,850 resistance, it could rally to $41,300 if the momentum continues.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.