Bitcoin Ethereum, Dogecoin Tumble As Santa Rally Fails To Materialize: Analyst Says 'Consolidation Is Next' For King Crypto

Major cryptocurrencies dropped in value on Tuesday evening as the Bitcoin market experienced no significant surprise during the Christmas holiday, as the so-called “Santa rally” failed to materialize, leaving Bitcoin bulls disappointed.

What Happened: According to data from CoinGlass, in the past 24 hours, more than $200 million worth of long positions were liquidated, with Bitcoin and ETH being significant contributors.

In total, 106,755 traders were liquidated, leading to $257 million in liquidations. The biggest order liquidated was on Huobi, where the value of Solana SOL/USD-USDT amounted to $3.15 million.

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The global crypto market cap has reached $1.65 trillion, marking a 0.86% decrease in the last 24 hours.

Stocks began the final week of the year with a rise. The S&P 500 ended the day up 0.42% at 4,774.75, and the Nasdaq Composite settled at 15,074.57 with a gain of 0.54%. The Dow Jones Industrial Average gained about 0.43%, or 159.36 points, to close at 37,545.33.

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Analyst Notes: According to Michael Van de Poppe, a cryptocurrency analyst, Bitcoin markets are currently in a consolidation phase after a recent upward move. "Probably the most part of this upwards move is in, consolidation is next. Range resistance to be found at $47-50K. Support at $36-39K."

As per crypto analyst Credible Crypto, the market doesn’t seem as strong as expected and we might expect a minor dip before moving back up. The analyst has closed a portion of their long position and is planning to reload just under 41.7k.

Another pseudonymous analyst Crypto Tony said, "The bulls simply cannot get through that 44,300 resistance zone. Remain like that and the only way we go is down due to the low liquidity as well."

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