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Crypto Market ReviewFri, 27/12/2024 – 0:01Cover image via www.freepik.comDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.AdvertisementThe so-called “Santa Rally” of Bitcoin, which is typically a time of optimism and price increases during the holiday season, is beginning to show indications of possible danger. After a brief decline below the 50 EMA at $95,000, Bitcoin has managed to recover and is currently trading close to $97,000. There is increasing concern that this rally may ultimately form a lower high, which is a traditional sign of a downtrend continuation. A bearish pattern would be validated by a lower high, which might trigger a sharp decline in price. Bitcoin may find it difficult to sustain the positive momentum observed in previous months if it is unable to rise above prior highs of about $104,000. Bitcoin may move toward important support zones if it is unable to recover higher levels; the 100 EMA at about $84,500 is a crucial level to keep an eye on. BTC/USDT Chart by TradingViewRapid changes in sentiment and momentum for Bitcoin, which has been experiencing growing selling pressure in recent weeks, pose a threat. Despite the asset’s attempts to rebound, volume indicators point to a mixed picture. Bitcoin’s recent recovery might not last if this pattern continues, and investors hoping for more gains might fall into a trap. This is consistent with the general ambiguity surrounding Bitcoin’s future. If the market does not make a clear move above $100,000, it may be more susceptible to a more severe correction, with $84,500 and even $76,000 as possible targets.AdvertisementAlthough the Santa Rally of Bitcoin may seem promising at first glance, traders and investors are finding it to be more and more risky. Given the potential for a lower high to form, this rally is crucial, and as the market moves through the holidays, prudence is encouraged. To rekindle bullish confidence, there must be a distinct breakout above resistance; otherwise, the downtrend might pick up more steam. XRP stays pressuredSince its downward trend is still very much in place, XRP is still under pressure. Over the past few weeks, the asset has been steadily declining, creating a bearish channel that has brought it near important support levels. In order to decide whether it will stabilize or continue to decline, XRP is currently testing its 26 EMA. The persistent downward trend draws attention to the unpredictability of XRP’s market conditions. When combined with declining
