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Home » Bitcoin Hits New All-Time High of $24,210, but Resistance Level of $23,800 Reins

Bitcoin Hits New All-Time High of $24,210, but Resistance Level of $23,800 Reins

Kelly Cromley by Kelly Cromley
Dec 20, 2020
in Bitcoin News, Market News, News
Reading Time: 2 mins read
0

Bitcoin (BTC) hit a new peak of $24,210 on December 19 as markets continued to stun traders with unexpected moves. Data provided by Tradingview and Cointelegraph markets indicated that BTC/USD shadowed its earlier peak established this week, hitting $24, 210 before started declining.

Volatility rose sharply as Bitcoin broke above its earlier peak of $23,825 recorded on Friday. However, heavy sell off pushed the price back to $23,000 levels. At the time of writing this article, Bitcoin was trading at $23,455, reflecting a gain of 1.2% in the last 24 hours.

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As per market-depth data, sellers are willing to liquidate their holdings at $24,000. This implies that the level of $23,800 is transforming into a psychological barrier, with bulls attempting to break above that level firmly.

Highlighting the revived momentum, Coinmarkets analyst Michaël van de Poppe tweeted, “Let’s go, another all-time high during weekend hours?”

The uptrend that began weeks before continues, with considerable price action beginning at the end of week instead of business days.

Let’s go, another all-time high during weekend hours?$BTC

— Michaël van de Poppe (@CryptoMichNL) December 19, 2020


On Saturday, meanwhile Van de Poppe urged caution, arguing that crucial support still lay much lower on the BTC/USD chart at $18,500.

$BTC orderbook update

Timestamp: 2020-12-20 02:02:14.309287
Next update in ~2h

Join us here for more analyses: https://t.co/6GTz0GSyJ0 pic.twitter.com/QBHEy5tAYe

— Material Indicators (@MI_Algos) December 20, 2020


He briefed: “Such vertical rallies aren’t sustainable for long. Thus, a correction will occur at some point. However, predicting when it happens is anyone’s guess as Bitcoin may easily run to $30,000 and then see a 30% correction.”

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