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

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.

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.

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

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.”