Wednesday, August 4, 2021

Another day, another all-time high — Bitcoin hits $24K in weekend surge

Bitcoin (BTC) set a brand new all-time excessive on Dec. 19 as markets continued to ship surprises in weekend buying and selling.

BTC value simply hit one other all-time excessive

Knowledge from Cointelegraph Markets and Tradingview confirmed BTC/USD simply eclipsing its document degree set this week, reaching $24,210 on Coinbase earlier than reversing.

Volatility was excessive because the earlier all-time excessive of $23,777 simply gave method earlier than resistance kicked in as soon as once more. In accordance with change orderbook information, sellers are prepared at $24,000, with that space now forming a psychological barrier at present below assault from bulls.

BTC/USD hourly chart (Coinbase). Supply: Tradingview

“Let’s go, one other all-time excessive throughout weekend hours?” Cointelegraph Markets analyst Michaël van de Poppe tweeted, keenly eyeing the renewed power in Bitcoin markets.

Bitcoin change purchase and promote areas (white = extra orders). Supply: Material Indicators

Dealer warns $18.5K nonetheless assist to look at

The transfer continues a development that has developed in current weeks, vital price action occurring during weekends fairly than strictly in the course of the week.

On Saturday, in the meantime Van de Poppe urged caution, arguing that essential assist nonetheless lay a lot decrease on the BTC/USD chart at $18,500.

“Such vertical rallies aren’t sustainable for lengthy. Thus, a correction will happen sooner or later. Nonetheless, predicting when it occurs is anybody’s guess as Bitcoin might simply run to $30,000 after which see a 30% correction,” he summarized.