At the time of writing this article, Bitcoin was trading at $27,863.01, reflecting a gain of 3.8% in 24 hours. The crypto commands a market cap of $518.93 billion.
With the strong rebound, Bitcoin has stunned bears who were forecasting price correction in the days ahead. Specifically, bear operators were rejoicing when Bitcoin hit a low of $25,830 in the last 24 hours.
The uptrend has pushed Bitcoin closer to $30,000 level, a fresh psychological level, which bulls want the king of crypto to breach before the end of 2020. Such a scenario seemed to be virtually impossible a week back.
Nevertheless, analysts have cautioned that a retracement could push the price to about $19,500, where the major support exists. Michaël van de Poppe, analyst at Cointelegraph Markets, has underlined that Bitcoin needs to stay above the crucial level of $27,500 in order to break above $30,000.
As Bitcoin cruised to new highs, altcoins followed suit, with Ether (ETH) hitting $740, reflecting a gain of 5.5% in 24 hours. At the time of writing this article, Ether was trading at $730. Interestingly, Polkadot (DOT) has gained 13.2% to trade at $7.33. Over the past one week, Polkadot has appreciated over 42.5%.
Well, a lower timeframe chart analysis on the recent movements of #Bitcoin.
The downtrend for now, crucial breaker at $27,000-27,500. If that breaks -> new all-time highs.
Support is looking heavy as it has been tested a few times.
Next area around $24,500 if $26,000 is lost. pic.twitter.com/vZMmiIw5wV
— Michaël van de Poppe (@CryptoMichNL) December 29, 2020