Bitcoin (BTC) broke another $ 24,000 on December 25th as bullish momentum returned for Christmas, which looks rosy for bulls.
BTC / USD 1 hour candle chart (Bitstamp). Source: trade view
BTC price within $ 200 of the new all-time high
Data from Cointelegraph Markets, Coin360 and TradingView showed that BTC / USD repeatedly tested the USD 24,000 resistance on Christmas Day.
Bitcoin hit new all-time highs of $ 24,500 with Bitstamp at the time of publication and refused to adjust to bearish forecasts. He shook off the lows that resulted from legal action against Ripple.
At press time, the largest cryptocurrency was trading at $ 23,900 with increasing volatility, with an all-time high of $ 24,217 in sight.
For some, such a move was to be expected, occurring at the end of the year when Bitcoin tended to dominate over altcoins before a reversal occurred in January. Cointelegraph Markets’ analyst Michaël van de Poppe is a believer in this view.
“Bitcoin dominance has increased in December in recent years. It was like this every year, ”he summed up on that day.
“The likelihood of this happening again is significant, especially when combined with the current sentiment on altcoins. Bullish for the first quarter of 2021. “
Altcoins hit back after the XRP lawsuit sold off
At the start of the holidays, large buy-ins from institutional investors were less likely as these had the potential to add liquidity and fuel price developments even further.
As Cointelegraph reported, MicroStrategy, which has stakes in excess of 70,000 BTC, announced that it had bought small amounts on a high frequency basis rather than moving the market with a flat fee.
Meanwhile, altcoins are also available on Christmas Day, with Ether (ETH) getting $ 600 back and XRP bouncing back to $ 0.35, fresh from a 60% decline due to Ripple’s fears of litigation.