Bitcoin had a good Christmas rest – rises 10%


Digital currencies suffered a major crash just before the long holiday weekend. That crypto-crash was followed by an initial stabilization late on Friday and consolidation during the holiday.

Bitcoin found support at $13,207 and began rising gradually from there. As Christmas Day gave way to Boxing Day, these gains are accelerating. BTC/USD is up some 10% on the day and trading at $15,550 at the time of writing.

Update: It’s already 11.5% at around $15,820. The move is gradual but persistent.

Resistance awaits at $16,302, a level that capped worked as support for the coin when it was trading in a high range last week. Looking higher, we find $18,135, that also had the same role. The ultimate line is the all-time high of $19,964, just under the magical $20,000 level.

Will bitcoin continue higher? The most popular application of the blockchain technology may also be one of the most over-inflated ones. Some 96% of economists think it is already a bubble. However, assessing when a bubble burst is a very risky game. Moves of 20% make it not so useful as a real store of value.

On the other hand, the heightened volatility certainly makes it exciting.

More: Will the next big bitcoin rally come at Bitcoin Cash?

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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