Bitcoin BTC price hit highs above 23,500 on Dec. 22 as Mondays weakness flipped to see bulls challenge previous levels. Data from Cointelegraph Markets, Coin360 and TradingView show BTCUSD returning to positions lost over the weekend, topping out at 23,625 at publishing time. After plugging 21,800 on Monday, the markets have set a different tone today, with Bitcoin gaining over 5 and adding 1,200 in just six hours.
Macro factors combined to support Bitcoins appeal, with the United States Congress passing a further 908 billion coronavirus stimulus bill. Another 900 billion dollar advertisement for Bitcoin, Tyler Winklevoss, cofounder of exchange Gemini, summarized following the vote. Heatmap orderbook data shows that selling pressure at 24,000 and definitive resistance at 25,000 remained, somewhat dampening prospects of a stronger rally toward new alltime highs.
At the same time, Cointelegraph Markets analyst Michaël van de Poppe warned that a dip below 20,000 would not be surprising under current conditions. People are focused on 19,500 for now, and I think this is a very critical level to watch, but I would not be surprised if we dip below 19,500 towards 18,500 to liquidate all the people that have taken longs at that range, he summarized in a video update on Tuesday.