Leading cryptocurrencies fell Thursday after a festive surge on Christmas gave way to profit-taking.

Cryptocurrency	Gains +/-	Price (Recorded at 7:30 p.m. ET)
Bitcoin (CRYPTO: BTC)	-3.69%	$95,658.87
Ethereum (CRYPTO: ETH)	-4.37%	$3,338.32
Dogecoin (CRYPTO: DOGE)	-6.97%	$0.3116

What Happened: After teasing the $100,000 mark on Christmas, Bitcoin witnessed a steep decline, falling to an intraday low of $95,170.

Ethereum dropped to the $3,300 region following the to-and-from movement between $3,440 and $3,510.

Trading volumes for both currencies rose, indicating that traders returned from their Christmas break to book profits.

Over $270 million was liquidated from the market in the last 24 hours, with long liquidations accounting for $200 million.

Bitcoin's Open Interest increased by 0.97% in the last 24 hours. The majority of them were short positions, as evidenced by a drop in the Long/Short Ratio.

That said, nearly $760 million in short positions risked liquidation if Bitcoin rebounds to $100,000.

The market sentiment was "Greed," according to the Crypto Fear & Greed Index.

Top Gainers (24-Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 7:30 p.m. ET)
Bitget Token (BGB)	+29.39%	$7.48
FTX Token (FTT)	+3.98%	$5.77
Hyperliquid (HYPE)	+3.43%	$27.35

The global cryptocurrency market capitalization stood at $3.31 trillion, following a contraction of 3.88% in the last 24 hours.

Trading resumed on Wall Street after the Christmas holiday. The Dow Jones Industrial Average squeezed out a narrow gain of 0.07% to close at 43,325.80. The S&P 500 slid 0.04%, ending at 6,037.59, while the tech-focused Nasdaq Composite closed down 0.05% at 20,020.36.

U.S. jobless claims for the week ending Dec. 21 came at 219,000, lower than analyst estimates of 224,000.

The benchmark 10-year Treasury yield remained broadly unchanged at 4.587% after pushing beyond 4.6% early morning.

See More: Best Cryptocurrency Scanners

Analyst Notes: Influential cryptocurrency analyst and trader Ali Martinez called attention to Bitcoin dipping below its "most significant" support level at $97,300.

"So, for the bearish outlook to be invalidated, BTC must reclaim this critical area of support and, more importantly, sustain a daily close above $100,000," Martinez stated.

As it turned out, the leading cryptocurrency failed to reach these predictions, remaining stuck in the $95,000 range.

#Bitcoin $BTC recently broke below one of its most significant support zones at $97,300.

So, for the bearish outlook to be invalidated,#BTC must reclaim this critical area of support and, more importantly, sustain a daily close above $100,000!https://t.co/oaE6S8cP0Q

— Ali (@ali_charts) December 26, 2024

Bitcoin's Christmas rally and subsequent retrace made it one of the top trending tokens on social media, according to on-chain analytics firm Santiment.

Discussions about its upcoming price moves, such as a climb to $100,000 or a drop to $90,000, dominated social media.

🗣️ As crypto markets look to recover after the Christmas $100K BTC tease and immediate drop thereafter, the top trending tokens across social media are:

🪙 Bitcoin $BTC: Discussions about investment strategies, its role as a store of value, and its adoption for international… pic.twitter.com/3KkPBzan7I

— Santiment (@santimentfeed) December 26, 2024

Image via Shutterstock

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