Bitcoin ‘Santa Claus rally’ hopes dwindle as price hits December low
Bitcoin has fallen 14.5% from its peak high this month as the cryptocurrency dipped below $92,500 this week.
Bitcoin dropped to its lowest price since late November, dampening hopes of a “Santa Claus rally,” which have historically resulted in solid gains over the holiday period in years that preceded market cycle peaks.
Bitcoin (BTC) fell to $92,442 during late trading on Dec. 23, its lowest price in four weeks, and a correction of 14.5% from its all-time high of just over $108,000 on Dec. 17.
It briefly rebounded to reclaim $95,000 before falling back to $94,000 during early trading on Dec. 24 and remains down more than 11% over the past week.
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Author: Martin Young
