Weekly Price Analysis: No Santa Rally as Prices Range

2024-12-31 16:27

Expectations for a “Santa rally” were dashed as prices of major coins traded sideways throughout the festive week. Spot crypto ETFs logged mixed performance while open interest continued to fall across major cryptos.

Bitcoin

Bitcoin’s price fell from a weekly high of $99,859 to close at $93,449. However, the intermediate time frame analysis shows ranging movement that failed to break the previous week’s high or low.

Meanwhile, Bitcoin spot ETF flows logged four consecutive days of net outflows leading into Dec. 24. For the week ending on Dec 27, inflows were a net negative $89.70Mn.

Bitcoin’s open interest in the CME continues to dwindle with a strong price correlation as traders close their positions for the year.

BTC trades at $93,970.06 as of publishing.

Ethereum

Ethereum’s price action ranged throughout the week on lower volumes and open interest in the official markets and across major exchanges. Like Bitcoin, Ethereum’s price failed break below the previous week’s low at $3,094.67 or a range high at $3,550.80.

Spot ETH ETF flows show positive net weekly inflows of $349.3Mn after logging four days of positive inflows. On the other hand, open interest data shows dwindling levels as traders close contracts while winding down at the end of the year approaches.

ETH trades at $3,418.21 as of publishing.

Solana

Solana’s price action ranged between a locally formed high at $202.00 and the previous week’s low at $175.10. Price tested the range high on Dec. 25, driven largely by retail traders, but failed to break above.

Open interest data shows fluctuating levels, but generally lower compared to previous weeks.

SOL trades at $193.07 as of publishing.

Ripple

Ripple’s price action ranged as well, reaching a weekly high of $2.34 and logging a low of $2.11. However, within this range, price trends lower.

Open interest data shows sporadic levels driven largely by pockets of retail traders.

XRP trades at $2.06 as of publishing.

The post Weekly Price Analysis: No Santa Rally as Prices Range appeared first on CoinJournal.

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prices major santa rally logged mixed week

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