The Bitcoiners and hodlers are especially rejoicing the rebound of Bitcoin’s price against the US Dollar (BTC/USD) as the pair hits yet another new high on December 25. They are celebrating a uniquely profitable year as the Bitcoin price breaks above the US$24,000 resistance on Christmas day and hits an all-time new high of US$24,577.10 (as on Bitstamp crypto exchange). It has been a particularly profitable year as BTC/USD pair has risen by more than 240% YTD (year-to-date).
As the Bitcoin price broke above the US$24,000 resistance, bullish momentum returned on Christmas and looks rosy for bulls. Before breaking above the strong resistance, the BTC/USD pair repeatedly tested the US$24,000 resistance level today (evident from the data available from TradingView, Coin360, and Cointelegraph Markets.
Though the last couple of days witnessed bearish prognoses, today the Bitcoin price refused to conform to it and shrugged off lows that were taking place because of the legal action against Ripple by the U.S. Securities and Exchange Commission. At press time, Bitcoin price on Bitstamp exchange was hovering around US$24,421.07 with a 24-hour price change of +5.73%.
Cointelegraph Markets analyst Michaël van de Poppe believes that the upward movement of Bitcoin price against the US Dollar was expected because it is only repeating a pattern witnessed in the last few years. He said:“Bitcoin dominance has been topping out in December in the past years. Every year it did. The likelihood of this to repeat itself is significant, especially combining this with the current sentiment on altcoins. Bullish for Q1 2021.”
CEO and founder of Apifiny, Haohan Xu, has said: “This is only the beginning of mainstream institutional adoption and, in 2021, it will help drive derivatives growth faster.”