Bitcoin’s recent rise has sparked new hopes for BTC just in time for the holidays. Here are several signs that may indicate a Santa Claus rally is on its way. Bitcoin has been anything but bullish recently. Since it’s tantalizing reprisal back in June, the pioneer crypto has refused to advance anywhere but south, retracing by as much as 47%.
Rather than any technical or a fundamental issue, many are blaming the price lull on the PlusToken scam. According to a report by bitcoin analytics firm, Arcane research, the $3 billion Ponzi recently cashed out $34 million via Huobi, causing BTC to landslide down into the $7,000 region.
Nevertheless, on Dec. 18, bitcoin exploded, producing one of the first bouts of positive volatility in over a month. Witnessing an approximate 15% move up BTC provided a hefty dose of hopium. But it isn’t just price action supporting further movement.