Economy

Bitcoin price offers $ 24.5K a Christmas present with a new high ever

Bitcoin (BTC) $ 24,000 broke again on Dec 25 as bullish Christmas momentum returned, which looks rosy to the bulls.

1-hour BTC / USD candle chart (Bitstamp). Source: Tradingview

The price of BTC is in the range of $ 200 from a new all-time high

Information from Cointelegraph MarketsCoin360 and TradingView showed a frequent test of BTC / USD at $ 24,000 resistance on Christmas Day.

When reaching all-time highs of $ 24,500 on Bitstamp at time of publication, Bitcoin refused to conform to bearish expectations, ignoring the lows that resulted from A lawsuit against Ripple.

At time of publication, the largest cryptocurrency was at around $ 23,900 with volatility intensifying, with an all-time high of $ 24,217.

For some, the move was expected, as it comes late in the year when Bitcoin tends to dominate cryptocurrencies before the reversal in January. Supporters of this view include Cointelegraph Markets analyst Michael Van de Pope.

“The dominance of Bitcoin was topping in December in recent years. Every year it did Summarization in a day.

“The likelihood of this recurring is important, especially combining this with current sentiment about alternative digital currencies. Upward for the first quarter of 2021.”

Altcoins responded after the XRP lawsuit was sold

With the onset of the holidays, large purchases from institutional investors were less likely, as they had the potential to accumulate liquidity and boost price performance even higher.

As Cointelegraph mentionedHowever, MicroStrategy, which has holdings of more than 70,000 BTC, revealed that it bought small quantities on a high frequency basis rather than moving the market with a lump sum.

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Meanwhile, altcoins are also rising on Christmas Day, with Ether (ETH) $ 600 restoration and XRPNew from a 60% drop from Ripple’s lawsuit concerns, It bounced back to $ 0.35.