Bitcoin launched a massive Santa’s rally and settled closes to $28,000. The price may retreat to $24,000 as technical indicators send sell signals. Since Thursday, December 24, Bitcoin smashed several significant levels and hit a new all-time high at $28,922. At the time of writing, BTC is changing hands at $27,750, having gained nearly 12% on a day-to-day basis. All-in-all, Santa’s rally made BTC $3,000 more expensive. BItcoin’s market capitalization jumped to $515 billion, making the coin more expensive than Visa. According to Asset Dash, now it takes 11th place among the biggest global assets, behind such giants as Facebook, Apple, and Tesla. Bitcoin’s dominance index surpassed 70% for the first time since March 2017. While the majority of top 100 altcoins have also gained ground following the lead of the pioneer cryptocurrency, they still lag behind, meaning that the so-called altcoin season has not arrived yet. Bitcoin is vulnerable to correction From the technical point of view, Bitcoin is in uncharted territory; however, the technical indicators imply that the coin is overbought and may be vulnerable to short-term retracement. Thus, TD Sequential indicator has presented a sell signal in the form of a green nine candlestick on the 4-hour chart. BTC, 4-hour chart If the signal is confirmed, BTC may start a downside correction with the first target at $27,000. Once it is broken, the sell-off may gain traction with the next focus on $25,500. The critical support is created y a combination of a former resistance and the 4-hour SMA50 on approach to $24,000. The RSI confirms the overbought state of the asset. The indicator reached 81 on the 4-hour chart and started showing signs of the reversal, giving credence to the bearish scenario. On the other hand, a sustainable move above $28,000 will create another strong bullish impulse and allow for another leg higher before the eventual correction starts. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Ripple Price Analysis: XRP staring at the abyss as exchnages continue delisting token FX Street 2 years Bitcoin launched a massive Santa's rally and settled closes to $28,000. The price may retreat to $24,000 as technical indicators send sell signals. Since Thursday, December 24, Bitcoin smashed several significant levels and hit a new all-time high at $28,922. At the time of writing, BTC is changing hands at $27,750, having gained nearly 12% on a day-to-day basis. All-in-all, Santa's rally made BTC $3,000 more expensive. BItcoin's market capitalization jumped to $515 billion, making the coin more expensive than Visa. According to Asset Dash, now it takes 11th place among the biggest global assets, behind such giants as Facebook,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.