Bitcoin Price Analysis — December 20

Following a highly volatile week that ushered in a new era of the $20k level and a new all-time high around $24k, Bitcoin (BTC) fell into a slight consolation.

However, the consolidation phase was rudely disrupted by a fresh leg up yesterday, which helped the cryptocurrency break the $24k barrier and record a new ATH at $24,300 a few hours ago.

According to a report from Santiment, a data analytics firm, the Network Value to Transactions Ratio (NVT) metric indicates that the $24.3k all-time high is well backed by the inflated number of unique tokens currently in circulation.

What this means is that if the token circulation is higher than its current valuation, the NVT proscribes the asset as undervalued and due for a breakout and vice-versa.

In other news, Altcoins have struggled to mimic BTC’s ally over the past 24 hours. However, Litecoin (LTC) has maintained its upbeat performance, as it surges by about 15% over the past 24 hours, and has recorded a fresh YTD high around $124 a few hours ago.

Binance Coin (BNB) is another top performer and has grown by 5% over the past 24 hours.

Ethereum, Ripple, and Bitcoin Cash have traded practically unchanged over the past 24 hours.

Key BTC Levels to Watch — December 20

Bitcoin remains extremely bullish as it continues to scale new ATH. Despite several attempts by bears to take the price lower, BTC refuses to cross below the critical $23,275 pivot point. That said, we could see Bitcoin attempt and break its previous ATH in the coming hours or days.

Meanwhile, our key resistance levels are at $23,781, $24,000, and $24,300. While our key support levels are at $23,275, $23,000, and $22,500.

Total market capital: $663 billion

Bitcoin market capital: $436 billion

Bitcoin dominance: 65.7%

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