Bitcoin (BTC) exceeds $ 25,000 today, December 26, 2020, and is already on the fast track towards $ 26,000. BTC didn’t wait long to surpass its December 25, 2020 ATH. Do the bulls have the intent and resources to close 2020 at $ 30,000?
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We paid the toll before the 30,000 USD
Bitcoin broke the $ 25,000 mark and is close to $ 26,000 today. It is trading at $ 25,686 at the time of writing.
The BTC Currently registering $ 1,359 in daily earnings, representing a daily profit of 5.59%.
The $ 25,000 was seen as a major resistance area before the $ 30,000. By overtaking them, the bulls could start a race that spawns further parabolic rises.
It is, however, too early to know whether the BTC may consolidate above $ 25,000 and turn this major resistance line into support.
The threat of $ 20,000 is gradually fading
By reaching $ 25,945 on Binance today the BTC has already broken its previous all-time high on Christmas Day 2020.
The threat of a fall below $ 20,000 subsides as the bulls move away, breaking major new resistance.
The 20-day moving average is now above $ 21,400 while the 50-day moving average has risen above $ 19,000.
The daily RSI (14) is now in the overbought zone, breaking above 75. Will euphoric feelings in the markets prolong the current rise and, do they have the potential to delay the bearish reversal?
The bet of a Bitcoin at $ 30,000 is now based on a euphoric market, institutional support and a devaluation of the dollar during the last week of 2020.
If the 100,000 USD still seems far away, we can at least have some certainty about the current rise of BTC: we are in a bull run – there have been several false starts announced in the past – the current rally is different from that of 2017 – the new ATHs attest to this as well as the strong involvement of institutional. The structural ingredients of a parabolic rise in BTC to the numbers are precise. Bears can still growl threatening crash markets, but they should not sell bull skin until they have been killed.
Litecoin, welcome in the Silver Age