Can Bitcoin Price Beat Its 2024 Christmas High of $94,000 This Festival Season?
Bitcoin is struggling to regain momentum this Christmas, trading below the $90,000 mark despite the festive mood in the market. There are hopes for a holiday rally amid the bearish price action.At the time of writing, Bitcoin closed near $86,935, slightly lower after failing to hold recent gains. Thin holiday trading volumes, ETF outflows, and a large options expiry have all added pressure on the world’s largest cryptocurrency.How Bitcoin Performed at Christmas in Recent YearsBitcoin’s Christmas performance has varied sharply over the past three years:2023: $43,6652024: $94,120Last year’s Christmas rally to above $94,000 set a high bar. This year, Bitcoin is well below that level, raising questions about whether another festive breakout is possible.Why Bitcoin Is Stuck Below $90,000Bitcoin has been consolidating in a tight range between $85,000 and $90,000 throughout December. Analysts say low liquidity during the holidays has reduced strong price moves in either direction.ETF-related selling and a major options expiry have also limited upside momentum. However, from a technical perspective, signals are mixed. Historical prices on Christmas Eve🎄 2013 – $6662014 – $3232015 – $4552016 – $8992017 – $13,9262018 – ,0792019 – $7,3232020 – $23,7362021 – $50,8222022 – $16,8222023 – $43,6652024 – $94,1202025 – $87,340 On the weekly chart, Bitcoin is still showing signs of a broader correction. A bearish divergence remains active, showing weakness could continue unless the trend changes.However, shorter timeframes tell a slightly more positive story. On the three-day chart, a small bullish divergence has formed. This often means a short-term bounce or sideways movement rather than a strong rally.Bitcoin continues to bounce between clear levels:Support: $85,000 to $86,000Resistance: $92,000 to $94,000The $90,000 level has now turned into strong resistance, with multiple rejections over the past week.Can Bitcoin Rally During Christmas?Bitcoin looks oversold in the short term and could attempt a move back toward $90,000 to $91,000, where liquidity is building. If buying pressure increases, a brief Christmas bounce is possible.However, failure to hold current support could send Bitcoin down toward $82,000, especially if broader market sentiment weakens.