Bitcoin broke through the $24,600 per coin mark, and it's far from its limit, experts say.
As the world celebrates Christmas, the major cryptocurrency is celebrating its own holiday, writes Crypto New Media.
Two days ago, following Ripple's SEC lawsuit, it seemed that Bitcoin would have preferred to test its previous resistance, which turned into support at the $20,000 level, before continuing to rise. Yesterday's low was $22,700.
However, Bitcoin has its own plans. The price of BTC has risen $2,000 in the last two days, surpassing the previous record high from last Sunday, set at $24,370 (Bitstamp). As of this writing, Bitcoin's daily high, which is the new ATH (a conventional measure of the price high any cryptocurrency has ever reached) was $24,660, according to Bitstamp.
Along with the new ATH, Bitcoin is also gaining momentum and dominating the cryptocurrency markets. According to CoinMarketCap, Bitcoin's dominance rate is set at 69%, the highest level recorded since January 2020.
As Bitcoin's price sets another record high, the asset is trading in the price discovery zone, which means there is no serious resistance higher based on past performance (which is mostly non-existent).
However, we can assume that the first significant resistance will be the $25,000 psychological level. This is followed by the yellow uptrend line on the daily chart.
The last level that Bitcoin needs to break through is currently around $25,400. Next comes the psychological level of $26,000.
"The huge jump in crypto derivatives volume in the first quarter of 2020 teased us with the idea that mainstream institutional capital was starting to show interest in cryptocurrency. In the second half of 2020, that idea became a reality with Paypal, Square, MassMutual, MicroStrategy, and many public companies adopting Bitcoin," CEO and founder of Apifiny Haohan Xu told Financial Magnates.
In addition, it has previously been reported that the price of bitcoin has reached a new record, leading to the collapse of exchanges. Also, not long ago, Elon Musk praised bitcoin on his Twitter account.