Bitcoin (BTC) Soars to $98,000 Before Christmas Eve

Ahead of Christmas Eve, Bitcoin just surpassed the $98,000 mark on December 24, sparking the discussion about the ‘Santa rally’ in the crypto community.

According to an analysis by Rekt Capital, Bitcoin has shown a volatile trajectory over the past two days. Yesterday, it hinted at a relief rally but faced rejection near fresh lows. Today, the cryptocurrency is rebounding once more, testing previous support levels.

#BTC

Yesterday, Bitcoin showed some signs of a relief rally after which price was rejected to almost new lows

Today, Bitcoin is rebounding yet again and once again into the old support

Overall, as long as the previously lost supports turn into new resistance – additional… https://t.co/HiCeSyGroA pic.twitter.com/0V59nhLgnf

— Rekt Capital (@rektcapital) December 24, 2024

However, the analyst notes that unless these lost support levels are reclaimed and turned into a foundation for growth, the market should brace for further downside. Conversely, reclaiming these supports could signal a bullish reversal. 

At the time of writing, the cryptocurrency is worth $98,477, having risen 4.68% in the last 24 hours. 

At present, Bitcoin faces two critical resistance levels at $100,000 and $104,500. On higher time frames, the most probable scenario points toward setting new all-time highs. However, on lower time frames, the likelihood of a dip below $90,000 remains most likely. 

Starting January 1. 2025, cryptocurrency mining will be prohibited in 10 Russian regions, including Dagestan, Ingushetia, Kabardino-Balkaria, Chechnya, and the Donetsk and Lugansk People’s Republics.

Russia Bans Bitcoin and Crypto Mining 

This six-year ban, lasting until March 15, 2031 was introduced under new cryptocurrency mining laws signed in 2024. 

The Russian government aims to address energy concerns and prevent power shortages in these areas. Additionally,  lawmakers have approved seasonal restrictions on mining activities in other key regions to further reduce the risk of energy blackouts. 

Also: Central Bank of Italy Raises Alarm on Bitcoin P2P Services