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3 reasons why traders expect continuation after Bitcoin price spike to $24K

Published 12/19/2020, 05:30 PM
Updated 12/19/2020, 07:00 PM
3 reasons why traders expect continuation after Bitcoin price spike to $24K
BTC/USD
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The price of Bitcoin (BTC) surpassed $24,000 on Dec. 19, reaching a new all-time high. On Coinbase, BTC peaked at $24,200 and has since consolidated into the $23,500 to $23,800 range.

Three factors pushed the price of BTC upwards within a short period, leading it to a record-high. The factors are a large short squeeze, stacked sell orders at $23,600, and the market’s reaction to the U.S. Treasury’s self-custodied wallet rule proposal.

Bitcoin exchange liquidation data. Source: Bybt.com

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