Bitcoin and the entire crypto market have been in a heavy consolidation wave over the past few days. Both the bulls and bears are fighting for control of the price action.
New ATH not difficult if $ 23,000 is broken for sure
While buyers have yet to push the cryptocurrency above $ 24,000, there is a strong possibility that this level will be visited in the near term, thanks to the recent breakout above $ 23,000.
If the upside breaks successfully, BTC could rally higher than this level and potentially create a bull trap, which could eventually see further downside.
Bitcoin is currently trading with an increase of just over 3% at a price of $ 23,566.
Selling pressure in the under $ 24,000 zone has been intense in the past, turning this level into a technically significant support.
Correction or new ATH for Bitcoin?
There is still a strong hurdle at $ 24,200 as it is now an all-time high. Sellers can use this level as a price to sell.
A trader stated in a recent tweet that he was closely watching a breakout of over $ 24,000, potentially marking the start of the next leg for BTC.
He also adds that the $ 20,000 correction that many investors are expecting will take place after the next rise.
— Credible Crypto (@CredibleCrypto) December 22, 2020
The chances are high that the next few days will go wild for the rest of the Bitcoin and crypto market.