Bitcoin Hits New All-Time High of $29,285, Aided by High Volume December 31, 2020 December 31, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsDecember 31, 2020 by Kelly Cromley

Bitcoin Hits New All-Time High of $29,285, Aided by High Volume

Bitcoin (BTC) recorded yet another all-time high of $29,285.61 few hours back. Interestingly, the king of crypto retraced to $27,300 yesterday after failing to break above the resistance level of $28,500. But, the scenario was totally different today.

The crypto broke above the resistance cluster with huge volumes, but the path to $30,000 still has hurdles.

Data provided by Material Indicators shows that there are large chunk of sellers near $30,000 level at Binance and other top cryptocurrency exchanges.

Unless there is huge buying spree accompanied by heavy volume, the level of $30,000 is difficult for the crypto to break at this point in time.

That may trigger profit booking, which would ultimately force a retracement of Bitcoin to $28,000 and $27,300, where 20-day moving average exists on the four-hour time frame.

Several retail traders anticipate the price of Bitcoin to surge more than $30,000 after the psychological barrier is crossed, but Nunya Bizniz, a well-known trader on Twitter, has opined that any price over $30,000 will be perceived as over-stretched rally as the 1.618 Fibo retracement level is $30,196.

As Bitcoin gained about 65% since the beginning of this month, reaching the 1.618 Fib level could offer a signal that a retracement will soon happen, but eventually, volume will be the main indicator of trend.

The current price of $28,971.34 reflects a gain of about 302% for 2020 and is eclipsing gold in a big manner and conventional markets such as the Dow and S&P500. During the fourth-quarter, Bitcoin has gained roughly 168.32%, attaining the second-best quarterly performance in three years when the cryptocurrency rallied 210.13% in the fourth-quarter.

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.