Bitcoin (BTC) broke out of $ 24,000 again on December 25 in bullish momentum back to Christmas, which looks rosy for the bulls.
1 hour light chart BTC / USD (Bitstamp). Source: Tradingview
The price of BTC is in the $ 200 range from a new all-time high
Data from the Cointelegraph, Coin360 and TradingView markets showed that BTC / USD frequently tested $ 24,000 resistance over Christmas.
After receiving a new $ 24,500 constant on Bitstamp at press time, Bitcoin rejected bearish expectations, dropping to lows as a result of a lawsuit against Ripple.
At time of publication, the largest cryptocurrency was trading at $ 23,900 with volatility intensifying, with highs reaching $ 24,217.
For some, such a move was expected towards the end of the year, as Bitcoin tends to dominate the digital currencies before the reversal in January. Supporters of this view include Michael Van de Pope, an analyst at Cointelegraph Markets.
“In recent years, Bitcoin’s dominance peaked in December. It’s been happening every year,” he summed up that day.
“The likelihood of this happening again is very high, especially when combined with the current sentiment for altcoins. Optimistic outlook for the first quarter of 2021.”
Altcoins responded after the XRP lawsuits were sold
When the holiday season started, there was a strong possibility of large purchases from institutional investors which could increase liquidity and boost price performance even further.
However, as Cointelegraph reported, MicroStrategy, which owns more than 70,000 shares of BTC, showed that it was buying small quantities on a high-frequency basis rather than moving the market all at once.
Meanwhile, Altcoins are also rising at Christmas, with Ether (ETH) recovering $ 600, and XRP returning, after dropping 60% due to fear of Ripple’s suit, to $ 0.35.