Bitcoin ‘Santa Claus rally’ hopes dwindle as price hits December low

Bitcoin has dropped to its lowest price since late November, dampening hopes of a “Santa Claus rally” that has historically resulted in solid gains over the holiday period in years preceding market cycle peaks.

Bitcoin 
BTC
tickers down
$94,421
fell to $92,442 during late trading on Dec. 23, its lowest price in four weeks, and a correction of 14.5% from its all-time high of just over $108,000 on Dec. 17.

It briefly rebounded to reclaim $95,000 before falling back to $94,000 during early trading on Dec. 24 and it currently remains down more than 11% over the past week. 

Crypto markets have historically performed well through the festive season during bull markets, but Bitcoin’s dismal December performance has quashed hopes of a so-called Santa Claus rally — a price jump during the last five trading days of December through to the first two trading days in January.

However, crypto trader ‘Mister Crypto’ compared Bitco…