Bitcoin approaches $100,000 on Christmas Eve

The price of Bitcoin, the leading cryptocurrency by market capitalization, is Approaching The $100,000 level again on Christmas Eve.

The leading cryptocurrency is currently trading at $98,703, according to data provided by CoinGecko.

The value of the cryptocurrency rose nearly 6% in just a few hours, with some pundits jokingly calling this overperformance a “Christmas miracle.”

After the sudden rally, Bitcoin bulls may not be in a celebratory mood. According to data provided by CoinGlass, approximately $61 million worth of Bitcoin short trades ended up being liquidated over the past four hours.

The S&P 500 also closed 1% higher, while the tech-heavy Nasdaq 100, which recently added MicroStrategy business intelligence, rose 1.3%.

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The latest Bitcoin buying is a welcome development for Bitcoin bulls who have been struggling to regain ground after hawkish rhetoric from the Fed. Key risk assets, including prominent cryptocurrencies, fell last week after it became clear that the Federal Reserve was likely to implement smaller interest rate cuts in 2025.

However, even after the recent price surge, Bitcoin’s price is still down about 9% from its record high of $108,135 on December 17.

Last year, Bitcoin traded at $43,000 on Christmas Eve. In 2022, the major cryptocurrency traded at around $16,000 after suffering a massive crash that occurred after the FTX crash.

So far, the cryptocurrency is up nearly 140% in 2024, and some pundits like SkyBridge Capital founder Anthony Scaramucci believe the flagship could double in price in 2025.

The cryptocurrency rose just 1% this week. Bitcoin bulls still have one week to ensure that this month remains in the green zone.