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.
How about some social? Follow us on Twitter!