Bitcoin retracing after record high at $24,000

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The weekend brings new records. Bitcoin on yesterday’s day went on to touch a new all-time high above $24,200.

It is a record that comes after a decidedly eventful weekend. The sum of the volumes recorded between Saturday and Sunday reached the peaks of the year. For a weekend with so many trades you have to go back to the second week of May. But in May, Bitcoin prices were attempting to recover the $10,000 mark for the first time since February. The number of Bitcoins traded was much higher than yesterday, but the current price is double that of May so trading is solid on the basis of price but not on the basis of the number of Bitcoins traded which are still very high given the weekend.

The new weekend records accompany the week of Christmas with a retracement by prices.

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Just over 85% of cryptocurrencies are below par today. Today’s declines do not affect weekly performance, which in fact remains firmly above par.

The day continues to trade at very high volumes with yesterday’s volumes jumping 20%. In the last 24 hours, a total of more than $350 billion has been traded, one of the highest peaks since the beginning of the year.

Among the day’s best performers was Chillz (CHZ), which jumped 30%, followed at a distance by Dogecoin (DOGE), with another double-digit rise.

At the other end of the spectrum there are many negative signs, with Nexo (NEXO) and THORchain (RUNE) among the worst, both down 10%.

The rise in the last 48 hours reinforces the dominance of Bitcoin, which has risen more than 66% to its highest peak since June.

Ethereum fell sharply to below 11% for the first time since mid-November. Ripple was weak, slipping under 3.8%.

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DeFi hit its highest LTV peak yesterday reaching $16.7 billion.

Maker remains the leader with 2.7 billion, followed by WBTC which is getting closer thanks to strengthening Bitcoin prices, at 2.6 billion. This is the highest peak for this platform, which came close to 2.7 billion yesterday, while it now slips to 2.6 as BTC retraces. Compound did very well as it strengthened its third position by pulling away from Aave to 2.4 billion locked in the protocol.

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Bitcoin chart by Tradingview
Bitcoin (BTC), after records the retracement
After celebrating yesterday albeit with unsatisfactory volumes the break of the previous high on Saturday, reaching $24,000, both records were not accompanied by an increase in volumes compared to the previous hours and this led by a prevalence of profit-taking that brought BTC prices back below $22,000 for the first time since last Thursday.

It is a retracement within a bullish context, the medium and short term trend remains in fact set to the upside. The first alarms to be considered in a short-term perspective would come only with a retracement of prices below $21,800.

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Ethereum chart by Tradingview
Ethereum (ETH)
Ethereum over the weekend updated the highs of the last two and a half years, above $670, where profit-taking also prevailed for the queen of altcoins which brought ETH prices back to test the $600 mark, to be precise at $590.

The movement remains in a decidedly bullish context. The trend would only be scratched with a drop to $580. A movement above this level is an up and down of a bullish trend. In the medium term, the reference support is only 470-490 dollars.