Bitcoin on December 25, again broke $24,000 as bullish momentum returned for Christmas, which looks rosy for bulls. Cointelegraph Markets, Coin360 and TradingView data reported BTC/USD constantly monitoring $24,000 on Christmas Day resistance.
Hitting new all-time highs of $24,500 on Bitstamp at Publication Time, Bitcoin failed to cooperate with bearish expectations, shrugging off the lows that resulted from legal action against Ripple.
The largest cryptocurrency circled $23,900 at press time as instability increased, with all-time highs at $24,217 in sight. Such a change was waited for some, occurring late in the year when Bitcoin continues to rule altcoins before a January reversal takes place. Cointelegraph Markets analyst Michaël van de Poppe is among the proponents of this belief.
“Bitcoin dominance has been topping out in December in the past years. Every year it did,” he summarized on the day. “The likelihood of this to repeat itself is significant, especially combining this with the current sentiment on altcoins. Bullish for Q1 2021.”
As Cointelegraph reported, MicroStrategy which has holdings in excess of 70,000 BTC, announced that instead of pushing the market with a lump sum, it bought small amounts on a high-frequency basis.Altcoins are also up on Christmas day, with Ether recovering $600 and XRP, fresh from a 60% decline from Ripple’s concerns of lawsuits, rebounded to $0.35.