The last working trading day on the BTC market was marked by two events. In addition to the fact that most of the world celebrates Christmas, Bitcoin has managed to update the historical high. The low liquidity of market participants due to the holiday was enough to break the critical range of $23,850-$24,000 and set a record at $24,681. In the daily timeframe, the breakdown of the critical range still does not look confident: Closing a daily candle below the range of $23,850-$24,000 can create a horrible weekend and begin price corrections. However, the actions of buyers still look convincing. Sellers managed to stop the BTC price growth for 6 days. We emphasize – to stop, not to correct. The imbalance of purchases in the BTC market continues to grow rapidly. And this is taking into account that since September 2020 there has been no correction other than minor consolidations. This nature of growth indicates the strength of the trend and the high probability of a $27,000 test next week. Buyers Raise the BTC Price Calmly and Confidently Analyzing the situation on the hourly timeframe, buyers are pressing the price slowly but surely: As we can see in the chart, the unsuccessful buyers’ attempt to break through the main critical zone of $22,500-22700, gave rise to a new buyers’ counterattack. Locally, the chance for correction to $20,700 is still possible over the weekend, given the trading activity. All you have to do is return the price below $23,850. But, so far sellers do not give any hints of this movement. The Bitcoin Influence on the Crypto Market Is Increasing Every Day The long-term prospect of continued growth in the BTC market is also predicted by the dominance chart: As we see, the indicator of BTC’s influence on the crypto market has broken the annual trend line. And now it is moving towards the previous high. If the BTC dominance is higher than 73% – next year will be the BTC-year. Other projects will be in the shadows and only exceptions will have the strength and courage to grow following Bitcoin. Nevertheless, the growth of the main cryptocurrency over time will stimulate the entire crypto market growth. Therefore, the current situation may indicate the end of the 3-year bear market.
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