Analysis: This year's Bitcoin "Christmas rally" hopes may have been shattered

2024-12-24 19:55:58

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ChainCatcher news, according to Coindesk, the cryptocurrency market often experiences cyclical changes, with Bitcoin leading the rise first, followed by altcoins. Investors seek additional returns with newly gained market profits, leading to capital flowing into altcoins, which triggers a sharp rebound in a short period.

Currently, Bitcoin is experiencing one of its worst Decembers to date, making the seasonal bull market period look bleak, having fallen 2% in the past 30 days. Due to profit-taking and cautious sentiment after weeks of price volatility, hopes for a "Christmas rally" (the phenomenon of assets tending to rise during the Christmas week) may have been dashed.

Some warn that as the Federal Reserve hints at reducing the number of rate cuts next year and emphasizes that it is not seeking a national Bitcoin reserve, Bitcoin may face further declines.

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