Bitcoin Cruises Past $28K as Crypto Traders Anxiously Wait for $30K Before New Year
Bitcoin (BTC) hogged the headlines once again by recording another all-time high of $28,601.89 today. Data provided by Coingecko.com indicates that the numero uno crypto gained around 8% to reach the level.
At the time of writing this article, Bitcoin was trading at $27,863.01, reflecting a gain of 3.8% in 24 hours. The crypto commands a market cap of $518.93 billion.
With the strong rebound, Bitcoin has stunned bears who were forecasting price correction in the days ahead. Specifically, bear operators were rejoicing when Bitcoin hit a low of $25,830 in the last 24 hours.
The uptrend has pushed Bitcoin closer to $30,000 level, a fresh psychological level, which bulls want the king of crypto to breach before the end of 2020. Such a scenario seemed to be virtually impossible a week back.
Nevertheless, analysts have cautioned that a retracement could push the price to about $19,500, where the major support exists. Michaël van de Poppe, analyst at Cointelegraph Markets, has underlined that Bitcoin needs to stay above the crucial level of $27,500 in order to break above $30,000.
As Bitcoin cruised to new highs, altcoins followed suit, with Ether (ETH) hitting $740, reflecting a gain of 5.5% in 24 hours. At the time of writing this article, Ether was trading at $730. Interestingly, Polkadot (DOT) has gained 13.2% to trade at $7.33. Over the past one week, Polkadot has appreciated over 42.5%.
Well, a lower timeframe chart analysis on the recent movements of #Bitcoin.
The downtrend for now, crucial breaker at $27,000-27,500. If that breaks -> new all-time highs.
Support is looking heavy as it has been tested a few times.
Next area around $24,500 if $26,000 is lost. pic.twitter.com/vZMmiIw5wV
— Michaël van de Poppe (@CryptoMichNL) December 29, 2020
AuthorKelly Cromley
Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.