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BTC Price Analysis: Xmas Bulls Propel Price Towards $25K, Holds Support on BTC/USD Following Renewed Wall Street Interest in Bitcoin

BTC/USD

It’s been a momentous week for Bitcoin going into the festive season. The pioneer cryptocurrency has recorded another fresh high, perhaps to celebrate Christmas. Together with the new ATH, Bitcoin is also elevating its pace dominating the crypto markets. The festive season mood assisted Xmas bulls to propel price toward the $25k mark as support holds steady on BTC/USD at $22,500. Bitcoin may reach new highs swiftly after recovering from the recent low of $21,913. BTC had bumped into a brick wall of sell orders breaking past $24,000 to reach fresh highs of $24,660. The Bitcoin (BTC) market cap is currently $454.84 billion, with $41.42 billion traded in the past 24 hours. The current spot price is up 5.29% in 24hrs and up nearly 300% from March 2020 lows. At the time of writing, BTC/USD is trading higher at $24,441 slightly down from its ATH of $24,660. Amid a pandemic that’s seen the U.S. dollar tank in value, the price of Bitcoin has exploded nearly 300% this year alone, sparking a wave of renewed attention from Wall Street. Bitcoin is gaining ground as a widespread application of blockchain technology is transiting into solving worldwide fiat challenges.

*BTC had bumped into a brick wall of sell orders breaking past $24,000 to reach fresh highs of $24,660
*The festive season mood assisted Xmas bulls to propel toward the $25k mark as key support holds steady on BTC/USD at $22,500
*Amid a pandemic that’s seen the U.S. dollar tank in value, the price of bitcoin has exploded nearly 300% this year alone, sparking a wave of renewed attention from Wall Street

Key Levels
Resistance Levels: $26,000, $25,500, $25,000
Support Levels: $22,500, $22,000, $21,000

BTC/USD Daily Chart: Bullish

BTC/USD Daily Chart 

From a technical point of view, BTC is vulnerable to further upside surge. Bitcoin recovered from the recent low at $21,913 and has gone ahead to break past $24,000. A failure to maintain its upside traction to $25,000 may push the price back into the red zone where several sell orders might be activated.

BTC bulls have just defended the lower support established at $22,500 and aim for a rebound to $25,000 and beyond. The pair has been under consolidation since its high of $24,300 on December 20. The digital asset currently trades at $24,441. Bulls will try to defend the key support level at $22,500 which should push the Bitcoin price towards $25,000.

BTC/USD 4-Hour Chart: Ranging

BTC/USD 4-Hour Chart

On the 4-hour time frame, BTC/USD has traded over nine candlesticks above its MA 50 which eventually may lift the pair to $25,000. BTC found support near the $22,500 zone and started the fresh increase against the US Dollar. The relative strength index shows less of the movement but trades ahead of its midlines which implies an impending short-term correction.

Bulls now need to rally the BTC/USD pair above the $25,000 level to invalidate the bearish price pattern which may act as a divergence. The BTC/USD pair is only bullish while trading above the $22,500 level, likely resistance is found at the $25,000 and the $25,500 levels. If the BTC/USD pair trades below the $22,500 level, sellers may test the $22,000 and $21,000 levels.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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