Boxing Day Delivers Big Discounts in the Crypto Market

Boxing Day is synonymous with deals and major discounts, Australians were estimated to spend $1.3 billion on Boxing day, followed by another billion in the year's closing days. The crypto markets have followed suit, with Bitcoin falling 4% to below $96,000 in the past 24 hours, Ethereum dropping over 5%, and most altcoins experiencing a decline of more than 7%.

Yesterday, we highlighted the potential for Bitcoin’s bearish structure to be invalidated after it created a higher high on the 4-hour timeframe. However, Bitcoin has since broken below its consolidation range. To maintain a bullish outlook, Bitcoin must hold above the recent higher low of $92.5K. A break below this level could lead to a retest of the $90K region. Conversely, if the low holds, Bitcoin could aim for a recovery towards the $100K level.

Despite Bitcoin’s 4% pullback, Bitcoin dominance has increased for three consecutive days, signaling a shift in momentum toward the bulls. While this has occurred, altcoins have continued to struggle, with the total altcoin market declining by 4% and reinforcing its bearish structure.

The brief period of altcoin dominance earlier this month has faded. The Altseason Index, which was at 88 on December 4, has since dropped to 43, indicating that only 43% of the top 50 coins are outperforming Bitcoin. For the index to signal an altseason, it must exceed a reading of 75.

While Australian shoppers queued for hours to secure retail deals, the crypto market is offering discounts without the hassle of queuing. What are you waiting for? To seize these opportunities, contact your Stormrake Crypto Broker.

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