Bitcoin, Ethereum, Dogecoin Pull Back After Christmas Rally: Top Analyst Reveals What Happens Next After BTC Fails To Record Daily Close Above $100K

Leading cryptocurrencies fell Thursday after a festive surge on Christmas gave way to profit-taking.

What Happened: After teasing the $100,000 mark on Christmas, Bitcoin witnessed a steep decline, falling to an intraday low of $95,170.

Ethereum dropped to the $3,300 region following the to-and-from movement between $3,440 and $3,510.

Trading volumes for both currencies rose, indicating that traders returned from their Christmas break to book profits.

Over $270 million was liquidated from the market in the last 24 hours, with long liquidations accounting for $200 million.

Bitcoin’s Open Interest increased by 0.97% in the last 24 hours. The majority of them were short positions, as evidenced by a drop in the Long/Short Ratio.

That said, nearly $760 million in short positions risked liquidation if Bitcoin rebounds to $100,000.

The market sentiment was “Greed,” according to the Crypto Fear & Greed Index.

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