Bitcoin (BTC) lost momentum at $51,500 on December. 24 as traders weighed the odds of a "Santa rally" coming truthful for Christmas.

BTC/USD 1-60 minutes candle chart (Bitstamp). Source: TradingView

BTC sees potent long-term retest

Data from Cointelegraph Markets Pro and TradingView saw BTC/USD preserve its gains from Dec. 23, these totaling 6% with resistance most recently kicking in at just above $51,500.

Opinions were mixed among weary traders about the strength of the rally and whether information technology could suffer for long.

Still in its familiar range despite the overnight uptick, Bitcoin needed to show its musculus on longer timeframes, Cointelegraph reported assay as maxim earlier.

For filbfilb, co-founder of trading platform Decentrader, a combination of depression funding rates and top traders turning long at the expense of more surly retail amid other triggers served as reason to be more hopeful.

Trader analyst Rekt Capital meanwhile noted that the reversal currently meant that Bitcoin had "successfully retested" the elevation of a falling wedge structure in identify for much of 2022. BTC/USD had originally broken out of the wedge at the end of September.

Data from the research arm of derivatives exchange Deribit added that funds were getting more than bullish about a Bitcoin toll in the mid-$50,000s in Jan.

"Boosted funds jumping into the NewYear play," the firm tweeted on December. 24.

"This fourth dimension, refocus on BTC, equally one large Fund buys a strip of Jan14 52–56k Calls x1200 around 49.5k spot, just before spike >50k."

At press fourth dimension, BTC/USD stood at just under $51,000.

$4,000 ETH returns

Bitcoin managed to post stronger daily gains than Ether (ETH) on the day as the largest altcoin nonetheless returned to a higher place $4,000.

Related: Bitcoin needs to articulate $51K to reduce the run a risk of new sell-off from BTC whales

The top ten cryptocurrencies past market place cap were firmly in the green, led by ongoing success for Terra'due south LUNA token.

The exception was a flat Ripple (XRP), which had still staged its own rally earlier in the week.

ETH/USD i-hour candle chart (Bitstamp). Source: TradingView

"And just like that, people want to buy altcoins over again," Cointelegraph correspondent Michaël van de Poppe summarized.