Bitcoin Price Analysis — December 27


Bitcoin (BTC) has extended its aggressive bull run into the Holiday season. Since December 24, the benchmark cryptocurrency has recorded a new all-time high daily.

After obliterating the $25k and $26k resistance two days ago, the primary cryptocurrency has now tested the $28k resistance. The crucial question in the cryptocurrency community is if BTC will be able to break above the $30,000 round figure before the end of 2020.

Meanwhile, most altcoins have jumped on the trend over the past 24 hours and are soaring against the US dollar. At press time, Ethereum (ETH) is up by about 10% at $705, Bitcoin Cash (BCH) is up by 8% at $350, Binance Coin (BNB) is up by 2.4% at $34, Polkadot (DOT) is up by 3.7% at $5.3, and Cardano (ADA) is up by 3% at $0.16.

However, all large-cap and most mid and low-cap altcoins have dropped in value against BTC. As a result, the metric measuring Bitcoin’s market capitalization has soared to new year-to-date highs. The benchmark cryptocurrency’s market dominance has now surpassed 70%, a level not seen since September 2019.

Also worth mentioning is that the cryptocurrency market has grown by about $110 billion over the past three days and has hit a new two-year high.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — December 27

Bitcoin is breaking technical barriers that were previously thought impossible before the year runs out. The cryptocurrency saw a parabolic bull run from the $25k over the past 24 hours. Currently, the floor is at $25,500, as BTC retreated from the $28.3k level.

That said, we expect a retest and break above the new ATH in the coming hours, as Bitcoin will likely continue to take advantage of the holidays and closed markets.

However, we could see a sharp correction to the mid-$25k level if BTC fails to maintain this momentum in the coming hours.

Meanwhile, our key resistance levels are at $28,000, $28,395, and $28,800. While our key support levels are at $26,500, $26,000 and $25,500.

Total Market Capitalization: $725 billion

Bitcoin Market Capitalization: $487 billion

Bitcoin Dominance: 70%

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.