Another day, another all-time high — Bitcoin hits $24K in weekend surge

Posted by Jeffrey Sloe on December 19, 2020 - 9:53pm

Another day, another all-time high — Bitcoin hits $24K in weekend surge

Bitcoin hits a fresh all-time high of $24,210 on Coinbase as volatility ensures the weekend bulls are not yet done.

Image courtesy of CoinTelegraph

DEC 19, 2020

Bitcoin (BTC) set a new all-time high on Dec. 19 as markets continued to deliver surprises in weekend trading.

BTC price just hit another all-time high

Data from Cointelegraph Markets and Tradingview showed BTC/USD just eclipsing its record level set this week, reaching $24,210 on Coinbase before reversing.

Volatility was high as the previous all-time high of $23,777 just gave way before resistance kicked in once again. According to exchange orderbook data, sellers are ready at $24,000, with that area now forming a psychological barrier currently under attack from bulls.

BTC/USD hourly chart (Coinbase). Source: Tradingview (Click image for larger view)

"Let's go, another all-time high during weekend hours?" Cointelegraph Markets analyst Michaël van de Poppe tweeted, keenly eyeing the renewed energy in Bitcoin markets.

Bitcoin exchange buy and sell areas (white = more orders). Source: Material Indicators (Click image for larger view)

Trader warns $18.5K still support to watch

The move continues a trend that has developed in recent weeks, significant price action occurring during weekends rather than strictly during the week.

On Saturday, meanwhile Van de Poppe urged caution, arguing that crucial support still lay much lower on the BTC/USD chart at $18,500.

"Such vertical rallies aren't sustainable for long. Thus, a correction will occur at some point. However, predicting when it happens is anyone's guess as Bitcoin may easily run to $30,000 and then see a 30% correction," he summarized.