The weekend has seen Bitcoin (BTC) hit an ATH above $ 24,000. A temporary or lasting historical high? This Christmas week will perhaps provide more precise answers to the question. Should a major correction in the price of BTC occur, essential supports are well mounted to protect the most important asset for the time of this bullish rally: $ 20,000.
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The 20,000 USD consolidates
Bitcoin dipped to $ 23,160 today, December 20, 2020, before rebounding and rising above $ 23,850. It is trading at $ 23,728 at the time of writing. The BTC hit a new ATH of $ 24,200 on Coinbase yesterday, December 19, 2020.
Technical indicators show a Bitcoin facing a fairly thick daily resistance zone between $ 23,900 and $ 24,350.
The 20-day moving average currently stands at $ 19,936 on Bitfinex while it has already crossed $ 20,000 on other exchanges.
The 20,000 USD consolidates as support for the price of BTC, in the event of a major setback in the coming days. Should this support give way, a major correction of Bitcoin could bring it back to the 50-day moving average level at the $ 17,900 level.
A quarter of the 100,000 USD before 2021?
Trend indicators play against a Bitcoin now overbought on the markets. Euphoric feelings in the markets following a Bitcoin passing the $ 20,000 mark decreases over time.
The bulls could soon hand over to bears to decompress the markets. We are waiting for signs of a massive sale of Bitcoin by miners and whales.
The entry of a new institutional into the bitcoin as well as a devaluation of the dollar remain the main levers that can extend the bull run to $ 25,000 before the end of this year.
Bitcoin re-attacks the $ 24,000 without any guarantee of success. A rejection could be the start of the long-awaited or dreaded correction – it depends. Exogenous factors weighed heavily in the balance in 2020, significantly influencing the price of BTC. A blunder from the Trump or Biden administration, as well as the Fed, would be a nice Christmas and New Year’s gift.
Litecoin, welcome in the Silver Age