By Solomon Odunayo
Christmas is celebrated across the world today, while the traders and investors of the largest cryptocurrency by market cap Bitcoin (BTC) has something special to celebrate.
The king of coins just recorded a new price all-time high, raising the possibility of maintaining the surging momentum to break above $25,000 resistance.
Two days ago, following Ripple’s SEC lawsuit, it seemed like Bitcoin (BTC) would rather be testing its prior resistance turned support at $20K before continuing higher. Yesterday’s low was $22,700.
However, Bitcoin has its own plans. The BTC price had increased $2,000 over the past two days, surpassing the previous all-time high from last Sunday set at $24,370 (Bitstamp). As of writing these lines, Bitcoin’s daily high, which is the new ATH, is $24,660, according to Bitstamp.
Together with the new ATH, Bitcoin is also elevating its pace dominating the crypto markets. According to CoinMarketCap, the Bitcoin Dominance metric is set to 69%, which is the highest level recorded since January 2020.
BTC Support and Resistance Levels to Observe
As Bitcoin price sets another all-time high, the asset is trading in a price discovery zone, which means no serious resistance above, based on past performance (which is basically non-existing).
However, we can assume that the first significant resistance will be the psychological level of $25,000. This is followed by the yellow ascending trend-line on the daily chart, as can be seen below.
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The latter is currently around $25,400. Next is the psychological level of $26,000.
In case of a price correction, then the first level of support now lies around the previous ATH from Sunday at $24,370. This is followed by $24,000 and $22,700 (Wednesday’s low).
Currently, the Total Market Cap stands around $670 billion, while Bitcoin takes $456 billion of the whole market valuation. This implies that Bitcoin Dominance Index is around 69%.
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