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.
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.
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.
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.
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