Did BTC's Santa rally start at $89K? 5 things to know in Bitcoin this week

Bitcoin (BTC) is trading above $90,000 as discussions about a "Santa rally" emerge, though traders remain cautious about potential dips toward the low $80,000s, with some eyeing the 50-day EMA near $95.5K as resistance. Key technical support is identified at the $84,000 Fibonacci level, which analysts stress must hold to maintain the current high timeframe market structure. The market is heavily focused on the Federal Reserve's upcoming FOMC meeting, where a 0.25% rate cut is widely anticipated, which could catalyze a rally for risk assets. Seasonality analysis suggests that Bitcoin's 2025 price action may mirror 2022's bottoming process, with one analyst suggesting $89,000 could be the new $16,000 level from that cycle. Furthermore, derivatives data shows Bitcoin open interest has dropped to multi-month lows, indicating investor apathy, which historically signals attractive buying opportunities before a potential upward move.

(Source：Cointelegraph)