Modest bullishness arguably is what now characterizes the market after some 6% gains overnight for Bitcoin.

Bitcoin (BTC) lost momentum at $51,500 on Dec. 24 as traders weighed the odds of a “Santa rally” coming true for Christmas. 

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 it could endure for long.

Still in its familiar range despite the overnight uptick, Bitcoin needed to show its muscle on longer timeframes, Cointelegraph reported analysis as saying earlier.

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