Bitcoin Commemorates Christmas Day with New All-Time High

Bitcoin Commemorates Christmas Day with New All-Time High

As the world took the day to celebrate Christmas, Bitcoin (BTC) has launched its private celebration in a way. The benchmark cryptocurrency has commemorated the day by recording a new all-time high around $24,663, etching closer to $25k.

Some days ago, BTC’s prospects got dampened, following an SEC lawsuit on Ripple (XRP). The suit asserted that XRP is an unregistered securities product and that the host company (Ripple) used it as a fundraising mechanism. It also highlighted details of the company’s previous quarterly token dumps, which have been regarded widely as the reason for XRP’s multi-year flatlining.

The news came with the chatter of BTC dropping to the $20k round figure once again, as the cryptocurrency recorded a low around $22,500. However, Bitcoin was quick to disappoint those bearish expectations as it surpassed its previous ATH at $24,300.

Apart from the new all-time high, Bitcoin is also increasing its domination against other cryptocurrencies in the market. At press time, the Bitcoin Dominance metric is at 69%, its highest level since January 2020–CoinMarketCap.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — December 25

Bitcoin has broken out of its consolidation range between $24,000 and $22,300 as it etches closer to the $25k milestone. The benchmark cryptocurrency has formed a new ascending trendline connecting to the $25,000 mark. Immediate support lies around $24,000, and a break below that level could stall this bullish momentum.

Meanwhile, our key resistance levels are at $24,663, $25,000, and $25,300. While our key support levels are at $24,000, $23,750 and $23,000.

Total Market Capitalization: $661 billion

Bitcoin Market Capitalization: $454.2 billion

Bitcoin Dominance: 69%

Note: Learn2.Trade 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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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.