Daily highs of US$ 23,625 for the price of Bitcoin show a new appetite for the high.
The price of Bitcoin (BTC) hit highs above $23,500 on December 22nd, with Monday’s weakness turning to see bulls challenge previous levels.
BTC price is up 5.2% daily
Data from Cointelegraph Markets, Coin360 and TradingView show BTC/USD returning to positions lost over the weekend, reaching $23,625 at the moment.
After gaining $21,800 on Monday, the markets set a different tone today, with Bitcoin gaining over 5% and adding $1,200 in just six hours.
BTC / USD hourly chart (Bitstamp). Source: TradingView
Macro factors combined to support Bitcoin’s appeal, with the U.S. Congress passing yet another $908 billion coronavirus stimulus bill.
„Another $900 billion Bitcoin advertisement,“ summarized Tyler Winklevoss, co-founder of the Gemini exchange, after the vote.
Heatmap’s order book data show that sales pressure at $24,000 and final resistance at $25,000 remained, somewhat diminishing the prospects of a stronger recovery towards new historical highs.
Bitcoin buying and selling levels on December 22. Source: Material Indicators
At the same time, Cointelegraph Markets analyst Michaël van de Poppe warned that a drop 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 wouldn’t be surprised if we dropped below $19,500 towards $18,500 to liquidate all the people who bought in that range,“ he summarized in a video on Tuesday.
MicroStrategy CEO: Last Week’s Rally was „something else
Meanwhile, new comments from Michael Saylor, CEO of MicroStrategy, cast doubt on the idea that the company’s huge Bitcoin buy-ins were responsible for last week’s intense bump.
Speaking at Funky Crypto Podcast, Saylor said his purchases came in the form of high-frequency lots of $1,000 to $2,000, not a fixed amount.
„I wasn’t a green candle. The green candles were something else,“ he revealed.
These „other things“ may not yet be publicly known, according to Rafael Schultze-Kraft, technical director of the on-chain Glassnode monitoring resource. In a series of tweets on Monday, Schultze-Kraft argued that large MicroStrategy buyers, Grayscale and others are far from being the only ones twisting their noses.
„Do you really think they are alone? Of course not,“ he wrote.
„Wait a lot longer on the move. They’re coming – gradually, then quickly.“