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 $23,800 is transforming into a psychological barrier, with bulls attempting to break above that level firmly.
Highlighting the revived momentum, Coinmarkets analyst Michaël van de Poppe tweeted, “Let’s go, another all-time high during weekend hours?”
The uptrend that began weeks before continues, with considerable price action beginning at the end of week instead of business days.
Let’s go, another all-time high during weekend hours?$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
— 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.”