Bitcoin (BTC) has made a quick return to form on Dec. 30 recording 8% daily gain signifying a potential continuation of the bull run. The fresh rebound by the leading digital asset has quashed expectations of a deep price reversal after it fell below the $26,000 level on Dec. 29. The Wednesday rebound saw Bitcoin record yet another all-time high of $28,400 before drawing back a little. At the time of this writing the digital asset is trading at around $27,700.
Crypto market data show that Bitcoin had a strong resurgence in the past 24 hours defying indicators that were signifying a potential downturn and reversal into bear territory. Bitcoin investors were bracing for a quick reversal after the asset failed to hold the $27,000 and $26,000 support levels reaching a low of $25,830 within a few hours. However, it made substantial recovery shortly afterwards, turning the tide towards achieving new highs.
The sharp 7% rise on Dec. 30 has brought Bitcoin closer to breaching $30,000 which is the new psychological level that investors aim to break by year end. However, analysts warn that the virtual asset could still see a reversal that could go as low as $19,500. As things stand, this is unlikely to occur as long as the asset remains about the critical support level of $27,500. If the price holds above this support level, then it has the potential to hit a new all-time high.
Bitcoin’s value surge has had a knock-on effect on the entire crypto market evidenced by a corresponding altcoin price rally. ETH is leading the altcoin’s charge with its price rising by 5.5% on Dec. 30 to hit $730 on the day. Ethereum’s competitor, Polkadot (DOT) also rose sharply during this recent rally to cap off a strong performance that took its weekly gain close to 50%.
The only exception of the altcoin rally is XRP which recorded another 10% daily loss as its value continues to nosedive following SEC announcement of an impending lawsuit against its founding company, Ripple. Despite this sustained loss, XRP has managed to remain above $0.20 and is currently trading at $0.21 at the time of writing after rising by 8.8%.
With only one day remaining for the year to end, it will be interesting to see how market action unfolds and whether Bitcoin will cross the $30,000 mark for the first time ever in 2020.
Image courtesy of pixabay
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
