Only during the strength test one can understand the true motives of a person and see the potential of the project. The BTC market passed its strength test yesterday and today. The sharp fall in the BTC price on 21 December called into question the strength of buyers. In <a href="https://www.cryptoknowmics.com/news/btc-sellers-counterattacked-and-are-aiming-at-20700/">the previous article</a>, we wrote that in the range of $22,500-22,700 the fate of the future medium-term trend will be determined. Today, buyers managed to repel the attack. In the hourly timeframe, we see that buyers have managed to form a local growth trend, where the potential stop is <a href="http://tradingview.com" target="_blank" rel="nofollow noopener">in the range</a> of $23,850-24,000.

<img class="aligncenter wp-image-183767 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2020/12/btc-1h-3.png" alt="BTC" width="1380" height="810" />

This range is the only obstacle that stops the price of BTC to master new unknown historical highs. The first serious target in a positive scenario is around $27,400.
<h2>A Negative Scenario in the BTC Market</h2>
Though, the nature of growth in the local channel does not inspire enough confidence in the strength of buyers. This channel is more like a correction of the previous falling impulse. Therefore, the ideal signal to buy will be only after breaking and retest the mark of $24,000.

Breaking this growth channel down will immediately indicate the formation of a new falling impulse with a target of $20,700.
<h2>BTC Dominance Continues to Grow</h2>
The impact of BTC on the crypto market has great growth prospects:

<img class="aligncenter wp-image-183766 size-full" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2020/12/btc-dominance-4.png" alt="BTC" width="1380" height="753" />

In the weekly timeframe, the dominance indicator has broken the old trend line and is preparing for the breakdown of an important range. Thus, despite the current local weakness of buyers - the prospects for the price growth continuation remain high. And by closing daily candle above $23,500 today, buyers will ensure the growth continues for tomorrow. We will closely monitor BTC movements and buyers’ actions on the crypto market. And soon we will update our BTC analysis.

BTC Buyers Withstood Impact and Focus on $27,400

The BTC market passed its strength test yesterday and today. The sharp fall in the BTC price on 21 December called into question the strength of buyers.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

BTC Buyers Withstood Impact and Focus on $27,400

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