Bitcoin’s price pulled back to around $22,500 after hitting resistance near $24,000.
The decline was accompanied by a sharp rise in trading volume. Shortly before the correction, digital gold reached an all-time high.
30-minute BTC/USD chart from Bitstamp on TradingView.
Over the course of a few hours, long bitcoin positions were liquidated for almost half a million dollars.
According to journalist Joseph Young, sell walls formed at $24,200 and $24,500.
If any brave soul is trading this range, $24.2k and $24.5k are strong sell Bitcoin walls on Bitfinex.
Beware of high volatility like last night.
$23k big support on heatmaps.
This rally to $24.2k would be 3rd test, which historically breaks. Still, be wary. pic.twitter.com/C0Pu88im6Y
— Joseph Young (@iamjosephyoung) December 21, 2020
Some users expressed hope that the so-called ‘altseason’ would arrive soon.
🚀 $BTC 🤝 alts 🚀 pic.twitter.com/PO8sakmoU4
— CRYPTO₿IRB (@crypto_birb) December 21, 2020
As of writing, the top ten crypto assets look like this:
Data: CoinGecko.
Gold prices fell in tandem with Bitcoin and altcoins.
Data: Investing.com.
The S&P 500 slipped in the short term, but soon recovered against the backdrop of news of further stimulus measures in the United States.
Earlier, trader Nikita Semov predicted a short-term correction in Bitcoin.
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