The steep increase in volume brings the Bitcoin price to a new all-time high of $ 29,000

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Within the last hour, the price of Bitcoin (BTC) rose to a new all-time high of 29,000 US dollars.

On December 29, Bitcoin price attempted to penetrate a stiff resistance cluster at $ 28,500, but after climbing to $ 28,600, the price declined with a sharp correction to $ 27,300.

Daily market performance in cryptocurrencies. Source: Coin360

Today’s move to $ 29,000 came after a sharp surge in resistance from $ 28,500, but the battle for $ 30,000 is far from over.

Data from material indicators shows that Binance and other major cryptocurrency exchanges still have selling walls near the $ 30,000 level.

BTC / USD sell walls near $ 30,000. Source: material indicators

Subject to another sustained spike in high volume purchase, the presence of sell walls suggests that a rally to $ 30,000 could trigger a strong sell-off and cause BTC price to reapply key underlying supports at $ 28,000 and $ 27,300 checks where the 20-day moving average is currently in the 4-hour period.

$ 30,000 then moon?

Many retailers expect Bitcoin price to rise well above $ 30,000 once the psychological barrier is overcome, but Nunya Bizniz, a popular trader on Twitter, pointed out that Bitcoin price above $ 30,000 seems a bit overwhelmed as the Fibonacci retracement of 1.618 is at $ 30,196.

BTC / USD monthly chart. Source: Twitter

Given that Bitcoin price has risen 64.9% since early December, reaching the Fib level of 1.618 could be a signal that there is a pullback on the cards, but ultimately, volume becomes the main indicator of this be where the price might go.

Currently, Bitcoin price is up 302.6% over the year, far outperforming gold and traditional markets like the Dow and S&P500. In the fourth quarter, BTC gained 168.32%, securing its second-best quarterly performance since 2017, when the digital asset gained 210.13% in the fourth quarter.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.