In the past hour, Bitcoin (BTC) price rose to set a new record at $ 29,000.
On December 29, Bitcoin price attempted to push through a stiff resistance cluster at USD 28,500, but after rising to USD 28,600, the price was rejected with a sharp correction to USD 27,300.
Today’s move to USD 29,000 came after a large surge in volume pushed through the USD 28,500 resistance, but the battle for USD 30,000 is far from over.
Material indicator data shows there are still walls of sales near the $ 30,000 level at Binance and other major cryptocurrency exchanges.
Barring another sustained surge in purchase volume, the presence of sales walls suggests that a rally towards USD 30,000 could trigger a strong sell-off and cause BTC price to revisit key underlying supports at USD 28,000 and USD 27,300 where it 20-day moving average is currently present. within the time frame of 4 hours.
$ 30.00 then moon?
Many retailers expect Bitcoin’s price to rise well above $ 30,000 once the psychological barrier is overcome, but Nunya Bizniz, a popular trader on Twitter, points out that above the $ 30,000 Bitcoin price is starting to look a bit overloaded as the 1,618 Fibonacci retracement is $ 30,196.
With Bitcoin’s price up 64.9% since the beginning of December, reaching the 1,618 Fib level could signal that there is a downturn on the chart, but ultimately volume will be the main indicator of where the price can go to.
Currently, Bitcoin’s price is up 302.6% during the year, significantly outperforming gold and traditional markets such as the Dow and S & P500. Before Q4, BTC was up 168.32%, achieving its second best quarterly performance since 2017, when the digital asset gained 210.13% in Q4.
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