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Boxing Day is synonymous with deals and major discounts, Australians were estimated to spend $1.3 billion on Boxing day, followed by another billion in the year's closing days. The crypto markets have followed suit, with Bitcoin falling 4% to below $96,000 in the past 24 hours, Ethereum dropping over 5%, and most altcoins experiencing a decline of more than 7%.
Yesterday, we highlighted the potential for Bitcoin’s bearish structure to be invalidated after it created a higher high on the 4-hour timeframe. However, Bitcoin has since broken below its consolidation range. To maintain a bullish outlook, Bitcoin must hold above the recent higher low of $92.5K. A break below this level could lead to a retest of the $90K region. Conversely, if the low holds, Bitcoin could aim for a recovery towards the $100K level.
Despite Bitcoin’s 4% pullback, Bitcoin dominance has increased for three consecutive days, signaling a shift in momentum toward the bulls. While this has occurred, altcoins have continued to struggle, with the total altcoin market declining by 4% and reinforcing its bearish structure.
The brief period of altcoin dominance earlier this month has faded. The Altseason Index, which was at 88 on December 4, has since dropped to 43, indicating that only 43% of the top 50 coins are outperforming Bitcoin. For the index to signal an altseason, it must exceed a reading of 75.
While Australian shoppers queued for hours to secure retail deals, the crypto market is offering discounts without the hassle of queuing. What are you waiting for? To seize these opportunities, contact your Stormrake Crypto Broker.
STORMRAKE’S GIFT TO YOU:
STORMRAKE’S GIFT TO YOU:
Thank You for an Incredible Year!
As the year comes to a close, we want to express our gratitude for being a valued part of our community. Your trust and support have made 2024 an amazing year, and we’re excited to help you achieve even greater milestones in the year ahead.
As a token of our thanks, we’re giving you a special end-of-year bonus:
For every AUD$10,000 worth of Bitcoin you purchase with Stormrake, we’ll gift you AUD$20 worth of Bitcoin.
It’s our way of saying thanks for choosing us as your trusted partner in crypto.
This exclusive offer is available until December 31, 2024, so don’t miss out!
*Terms & Conditions Apply*
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.344)
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.344)
Cetus Protocol has mirrored the broader market, falling 7% over the last 24 hours. Despite the decline, the project is demonstrating resilience, with signs of creating a higher low. However, if the overall market continues to fall, Cetus could decline further. Use any pullbacks as an opportunity to buy the dip and accumulate this promising project at discounted prices.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
After rejecting the $100K resistance level, Bitcoin has fallen below key moving averages and is now testing the $95,750 support. Momentum has shifted toward the bears, threatening the bullish structure. A failure to hold this level could lead to a retest of the recent low at $92.5K.
BTC Total ETF Flows for 26 Dec: $ N/A million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum is trading below all major moving averages, breaching its key support level. If the downtrend persists, the next support lies at dotted blue CPR line of $3,266, a level that previously provided stability earlier in the week.
ETH Total ETF Flows for 26 Dec: $ N/A Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
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*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
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