Bitcoin bounces off $24100 mark – correction to $20,500?
The Bitcoin price bounced off the $24,100 mark and dropped to $22,600 in the meantime, but managed to stabilize at $23,280.
Industry experts continue to show bullishness, but BTC needs to crack the strong resistance along the 24,300 USD mark to continue the uptrend.
Bitcoin bounced off the $24,100 mark a few hours ago and fell to $22,600 in the meantime. However, Bitcoin price recovered and stands at $23440 at time of writing, in the last 24hours a drop of 0.41%. Bitcoin dominance has risen to 69.2% and market capitalization to $435 billion.
Big Chonis Trading states that a so-called CME gap has appeared on the 4-hour chart at the level of $23,925, which could be closed after the holidays. This supposed gap occurs when the closing price of Bitcoin differs significantly from the opening price on the Chicago Mercantile Exchange.
The CME is closed on weekends and holidays,the difference between the closing and opening price is larger after Christmas.
CME gaps have often been closed in the past, so Bitcoin can reach $24,000 mark in a timely manner. Overall, however, more analysts are bullish. “Byzantine General” describes on Twitter that Bitcoin’s fundamentals remain strong and the current sideways movement is a normal development. In his opinion, the market needs to attract new buyers and then show the next big move:
Same shit as always: the market is still bullish, to make another big move global leverage needs to build. The market basically needs to reload.
Josh Rager also continues to be bullish on Bitcoin, stating that every trader should have Bitcoin in their portfolio. Bitcoin needs to stay above the $22,600 support and crack resistance along the $24,300 level to continue the recent uptrend. He advises study of stablecoins in DeFi market more closely, as promising projects may have impact on crypto market future.