Bitcoin (BTC) broke $ 24,000 again on December 25, with the bullish momentum returning for Christmas, which seems bullish for bulls.
BTC price within $ 200 of new historic record
Data from Cointelegraph Markets, Coin360 and TradingView showed BTC / USD repeatedly testing the $ 24,000 resistance on Christmas Day.
Reaching new highs of $ 24,500 at Bitstamp at the time of publication, Bitcoin refused to conform to the pessimistic outlook, ignoring the lows that resulted from legal action against Ripple.
So far, the largest cryptocurrency has been circulating at $ 23,900 as volatility intensifies, with all-time highs in view of $ 24,217.
For some, such a move was expected, arriving at the end of the year, when Bitcoin tends to dominate over altcoins, before a reversal occurs in January. Adherents of this view include analyst Michaël van de Poppe at Cointelegraph Markets.
“Bitcoin’s dominance peaked in December in recent years. Every year it happened ”, he summed up in day.
“The likelihood of this happening again is significant, especially combining that with the current feeling about altcoins. High for the first quarter of 2021. ”
Altcoins retaliated after the XRP settlement was settled
With the start of the holidays, large acquisitions of institutional investors were less likely, having the potential to drain liquidity and boost price performance even more.
As reported by Cointelegraph, however, MicroStrategy, which has stakes in excess of 70,000 BTC, revealed that it bought small amounts on a high frequency basis rather than moving the market with a fixed amount.
Meanwhile, altcoins are also up on Christmas Day, with Ether (ETH) recovering $ 600 and XRP, fresh from a 60% drop in Ripple’s lawsuit fears, recovering to $ 0.35.