As we expected, on Christmas Eve the Bitcoin price got in a narrow corridor of $449 - $455. Today is a holiday and there will be limited trading. Also no news that could affect the price of the Dollar is expected. Therefore, today December 25, we expect that the price of Bitcoin will remain in the corridor of $445 - $465. The resistance level is $465 and the support level is $440.
As we can see, the latest positive macroeconomic statistics from the US gave the Dollar a support only for a limited time. Then again, the Dollar came under pressure and decreased against other currencies, including the Bitcoin. Now a good question is: how long can the Dollar be a full-weight competitor for Bitcoin? If Bitcoin is growing against the Dollar, does this mean that the Dollar is losing its position as the world currency? Or does it mean that Bitcoin is gaining popularity in parallel with the strong Dollar?
This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell Bitcoins.
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