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Bitcoin is finally seeing a significant bounce, up over 8% at the time of writing over 24 hours. Is this crypto christmas miracle here to stay?
According to Coinmarketcap, BTC is valued at $3,539, and rising, which lays to rest fears that Bitcoin would fall below the $3,000 line. This is at least partially due to the so-called Santa rally, which occurs over the last months and weeks of trading, according to Forbes.
Bitcoin, along with the rest of the major cryptotokens is finally seeing an uptick after weeks of sideways or negative motion following the huge sell-off.
The last time $BTC reversed at this same level it didn't stop until $20k...
— Bitcoin Birch 👨‍💻 (@BitcoinBirch) December 17, 2018
This is the meme inverse H&S they didn't want you to see👇 pic.twitter.com/fndTZd7Wq3
Perhaps appropriately, this marks the one year anniversary of Bitcoin’s peak last December. Many investors are hoping that this represents, or will usher in, the return of institutional money, which will correspond to another bull-run for the crypto market- which many had declared was finally about to bite the bullet.
It hasn’t been made clear what exactly is behind this welcome green momentum, though notably it is occuring while fiat and traditional markets have taken some hits, which indicates that it might be a longer term trend, not tied to general market positivity.
Read more:Â Is the bottom in? BTC longs slowly increasingÂ