Bitcoin is growing leaps and bounds. On December 19, 2021, Bitcoin exploded to a fresh all-time high of $24,210 on Coinbase and other major crypto exchanges as volatility ensured that the weekend bulls are still dominant.
The flagship crypto set a new all-time high as markets continued to deliver many surprises in weekend trading. Data from Tradingview showed BTC/USD surpassing its record level set this week, reaching $24,210 on Coinbase before correcting slightly. At the time of writing the crypto is hovering between $23,950 and $24,100.
Volatility was significantly high as the previous all-time high of $23,805 just gave way before resistance came in once more. Based on exchange order book data, the sellers are ready at $24,000 and the area is currently forming a psychological barrier that is under attack from the bulls.
One markets analyst tweeted while carefully eyeing the renewed energy in the BTC markets:
“Let’s go, another all-time high during weekend hours?”
For now, $18,500 is still the support to watch. The latest move above $24 continues a trend that has developed in recent weeks, considerable price action happening during weekends instead of strictly during the week.
Today, in the meantime, experts urge caution from the traders saying that critical support still lay considerably lower on the bitcoin chart at $18,500. One analyst summarized:
“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.”