'Santa Rally' Fading Away... Bitcoin Falls Further

BTC, unable to withstand the hawkish remarks of the Fed last week, continued to decline
Altcoins, failed to rebound despite intraday low buying pressure...further decline
Experts forecast "low possibility of a 'Santa rally'...but opportunities exist"

BTC was unable to withstand the shock of the 'Powell's Turmoil' that occurred last week and continued its downward trend on the 23rd.

Last week, Jerome Powell, the Chair of the US Federal Reserve (Fed), left a remark during the Federal Open Market Committee (FOMC) press conference that the Fed would slow the pace of interest rate hikes next year. He also said that "the Fed is not allowed to hold BTC by law" and that "it will not pursue a legal change either", denying the Trump administration's plan to accumulate BTC as a strategic asset.

After Powell's remarks, BTC and cryptocurrencies, which had lost their positive catalysts, have continued to show a weak performance.

The Bitcoin spot exchange-traded fund (ETF) in the US, which had contributed to the rise of BTC, was also found to have recorded net outflows for two consecutive days last week. According to data from the financial data platform Trader T, the Bitcoin spot ETF in the US recorded a total of $27.7 billion (about 401.5 billion won) as of the 20th (local time).

While BTC failed to reclaim the $10,000 level, the altcoins, which briefly saw intraday low buying pressure, also failed to rebound.

◇Bitcoin = As of 4 pm on the 23rd based on Upbit, the price of BTC is 14.43 million won. BTC's market dominance is 58.87%.

According to on-chain analysis platform Sygbit, the long (bullish) and short (bearish) betting ratio in the BTC futures market is 60.87% and 39.13%, respectively.

Experts forecast that the 'Santa Rally' expected this year is unlikely to occur, contrary to expectations.

Edward Chin, co-founder of cryptocurrency hedge fund Parataxis Capital, diagnosed on the 20th that "the current decline in the cryptocurrency market is expected to be due to investors' year-end profit-taking".

Also, QCP Capital, a cryptocurrency trading company based in Singapore, analyzed that "the fundamental cause of this decline is the excessively optimistic positioning of the market".

However, it is not a perfect bear market.

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