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Today marks the final day of what has been an extraordinary year for Bitcoin, up an impressive 118% since January 1st. This year has brought monumental milestones, including the approval of Bitcoin ETFs, new all-time highs, the fourth Bitcoin halving, and even Bitcoin sell-offs driven by governmental actions. We’ve also witnessed discussions about Bitcoin as a strategic reserve asset, Donald Trump’s re-election, and the monumental breaking of $100,000. What a ride!
December, however, is shaping up to be the first negative month for Bitcoin since August. Despite setting multiple all-time highs earlier this month, Bitcoin has faced a series of mass liquidation events, culminating in a sustained correction.
This morning alone, Bitcoin dipped to $91.5k before rebounding sharply to $95k within just four hours. It has since corrected to trade below $93k, briefly dropping under $92k. All of this intense price action has unfolded within the past seven hours, highlighting Bitcoin’s infamous volatility.
This movement has broken Bitcoin’s bullish structure, forming a new lower low at $91.5k, and flipping the momentum to bearish. Such a shift suggests Bitcoin may trade below $90k again in the near term. However, while this correction feels bearish, it is worth noting that pullbacks like this are a natural and even healthy part of bull markets.
Zoom out, and the bigger picture shows that Bitcoin surged over 50% from the start of November. This is its first major correction since that rally, and it serves to maintain the longer-term bullish structure, ultimately prolonging the bull market. When this correction ends—and history suggests it will—Bitcoin is poised to trade much higher in the coming year. Those who take advantage of this dip will likely be glad they did.
For investors, this correction may feel daunting, and some positions might currently be in drawdown. However, we remain in the early stages of this bull market. Use these pullbacks as opportunities to dollar-cost average (DCA) into Bitcoin and promising altcoins at discounted prices. Want a tailored strategy? Contact your Stormrake Crypto Broker for personalised guidance.
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 ends TODAY. Don’t miss out!
*Terms & Conditions Apply*
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.30)
Stormrake Spotlight: Cetus Protocol (CETUS) ($0.30)
Cetus is trading at a crucial support level. If Bitcoin dips below $90k, Cetus is likely to lose this key support and could trade down to the mid-$0.20s range. For those bullish on the Sui ecosystem, this presents a longer-term opportunity. Buying during corrections often yields the greatest rewards, especially for high-potential projects like Cetus.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
The volatility we’ve observed is on full display here. Bitcoin fell to the critical CPR support at $92k, bounced back briefly, and rallied to test the 21 and 55 EMAs. However, it failed to close above these resistances and dropped back to the CPR support level. Currently, Bitcoin is trading just above $92k, further reinforcing the bearish structure. If this level fails to hold, we could see Bitcoin retest $89.9k, a key support level.
BTC Total ETF Flows for 30 Dec: $ - 224.0 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:
While Bitcoin remains bearish, Ethereum continues to consolidate within a tight range around the critical level of $3,370. This level has acted as a magnet for ETH, as momentum fluctuates with 21 and 55 EMA crossovers occurring every few hours. ETH remains range-bound with support at $3,266 and resistance at $3,485.
ETH Total ETF Flows for 30 Dec: $ - 35.1 Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
This year has been an unforgettable chapter in Bitcoin’s journey. While the current correction may weigh on sentiment, it’s important to remember that the longer-term outlook remains incredibly bullish. As always, navigate these markets with strategy and foresight. See you in 2025!
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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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