After demonstrating strength for the past few days, BTC/USD rose sharply to hit the aforementioned all-time peak.
At the time of writing this article, Bitcoin was trading at $37,787.79, up 8.1% in the last 24 hours. Even with the slight price correction, Bitcoin is less than 10% below the major level of $40,000.
As per the recent updates related to order books, considerable resistance exists at $38,000, with further selling pressure starting at $39,500. There is no firm support above $31,000 level.
In his recent YouTube video, analyst Michaël van de Poppe, briefly outlined the events so far as follows:
“It’s amazing, an amazing year.”
He further opined that there is a considerable change of a healthy price correction in the days ahead even though the current uptrend needs to be celebrated.
he continued.
He further stated:
“Would that be bad? No, as the higher Bitcoin goes, the more money is into the markets and the more money can flow towards the altcoins from this perspective.”
The end of December was marked by the arrival of fresh funds in crypto sector and also from new retail investors who lack experience and driven by “FOMO”, as per Van de Poppe.
Regarding the latest investors, Van de Poppe stated that they suddenly felt the need to capitalize on the opportunity, after remaining uninterested when Bitcoin was trading at $10,000.
$BTC orderbook update
Timestamp: 2021-01-07 08:02:20.347378
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— Material Indicators (@MI_Algos) January 7, 2021
Notably, among altcoins, Ether (ETH) made the headlines after it crossed its 2018 high of $1,213. Even XRP recorded a gain of 51.7% to trade at $0.3470. Stellar (XLM), which is due for several protocol upgrades this year, has gained around 160% in the past one week to trade at $0.3412. Bitcoin’s market dominance was 67.6%, a slight decline from 69.7% at the beginning of the week.