Bitcoin Christmas: BTC Surges To New All-Time High Above $24,644

It’s certainly a Bitcoin Christmas day as the coin surged to a new all-time high of $24,644 as we can see more in today’s latest Bitcoin news.

It’s a very merry Bitcoin Christmas holder as the crypto surged to a new all-time high today, by 5.58% in the past 24 hours, peaking at $24,644 according to CoinGecko. The price pulled back slightly and it is now trading around $24,358 at the time of writing. It follows a week in which BTC reached previous records of $24,085 on December 9.

MicroStrategy has purchased an additional 29,646 bitcoins for $650 million at an average price of $21,925 per #bitcoin and now #hodl an aggregate of 70,470 bitcoins purchased for $1.125 billion at an average price of $15,964 per bitcoin.https://t.co/j6wVLXIzoa

— Michael Saylor (@michael_saylor) December 21, 2020

The growing demand for BTC resulted in a supply crisis as institutional investors are buying up bigger quantities of the cryptocurrency in the past week while the business intelligence company MicroStrategy added to its BTC holdings with a $650 million purchase, bringing the total holdings to 70,000 BTC. Microstrategy purchased an additional 29,646 BTC for $650 million at an average price of $21,925 per coin. At the time of writing, the BTC Supply held on exchanges dropped by 20% since January as it moved into the long storage by the holders which mean that is less available to trade. Glassnode CTO Rafael Schultze-Kraft said:

 “The supply crisis as I call it, will have an impact on price, but it doesn’t necessarily prevent retail investors or smaller investors from getting into the space.”

Bitcoin’s price was in a strong uptrend since Black Thursday which turned fully parabolic in the last quarter and resulted in a new all-time high. According to one analyst, the first cryptocurrency is closer to breakdown as the Bitcoin parabolic trend is shifting at the curve that was supporting the upwards momentum for months. Bitcoin’s price is $1000 below its 2020 peak but clinging onto the support ahead of the arrival of the new year, the coin is the main investment of the year which brings more positive portfolio performance during the backdrop of the economic uncertainty and the crashing dollar. The perfect storm for the cryptocurrency was combined with all institutions realizing that the asset has a strong potential as a store of value and hedge against strong inflation.

BTC and the entire crypto market saw some lackluster price action this morning with BTC being stable as many altcoins tried to recover from the selloff a day ago. The selling pressure seen in the lower $24,000 region is still a major hurdle for BTC as each visit to this level caused it to see more inflows of selling pressure. This could align with the fractal pattern that predicted this entire move higher than was seen a few months ago, as it shows there a little more room for an imminent correction to $17,500.