After a rough patch, Bitcoin (BTC) has clawed its way back to $93,000, shaking off nearly $481 million in forced liquidations over the past day. That's a lot of overleveraged positions getting wiped out, which often clears the path for a cleaner move higher.

Meanwhile, institutional money is speaking with a split tongue. Bitcoin ETFs pulled in $58.5 million in net inflows on Tuesday, suggesting some confidence returning. Ethereum (ETH) ETFs, on the other hand, saw $9.9 million walk out the door. The divergence is notable.

Could Santa Be Coming to Town?

Crypto trader Jelle pointed out that Bitcoin has reclaimed its monthly open and pushed through the critical $91,000 to $93,000 resistance band. If it holds this zone, the odds increase that BTC already put in its monthly low early in December. That's the classic recipe for a "Santa Rally," where assets rally into year-end.

Daan Crypto Trades echoed that sentiment, noting Bitcoin's sharp recovery from the monthly open was pretty much textbook behavior. Aggressive sell-offs rarely hold, he explained. With a fresh higher high and higher low now printed, the short-term structure has flipped bullish. A sustained breakout from current levels could launch a fast run toward the $97,000 to $98,000 liquidity pocket.

Altcoins Join the Party

It's not just Bitcoin enjoying the bounce. Crypto chart analyst Ali Martinez identified $2 as the critical support level for XRP (XRP). Fall below that, and things get uncomfortable quickly with $1.20 as the next stop. For Solana (SOL), Martinez noted that bulls continue to defend a long-standing trendline that's held firm since 2023.

Here's where the major coins stood Wednesday:

Meme Coins Catch Fire

The meme coin sector tracked the broader uptrend with enthusiasm, posting a 10% daily gain to reach $48.4 billion in market value. Donalds Trades highlighted Dogecoin's (DOGE) formation of a clean W-pattern inside its descending channel, which is a classic bullish reversal setup. A confirmed breakout from this pattern could trigger a powerful move higher.

Whether this relief rally has legs or just represents another false dawn remains to be seen. But for now, the charts are looking friendlier and the liquidation flush has cleared some dead weight. December might have some surprises left after all.